QUICK READ: People are stuck inside and the headlines are causing a lot of fear. Brands need to meet this challenge by making people feel good. They need to remind customers that we’re all in this together and that they are giving back to people who have made their products top sellers.
QUICK READ: The misinformation that’s been circulating on social media has been brought to light because or th4 current pandemic. Brands that act like nothing is wrong and use the same strategy as before are going to pay a huge price. Another reason why strategic brand planning is a waste of time.
QUICK READ: Jack Welsh was no genius by any means. He was the first person to put shareholders above everything else resulting in thousands of layoffs and his strategic direction away from G.E.s core business caused the company’s downfall from which it’s still trying to recover.
According to Richard Jones, CMO at Cheetah Digital;
- Today’s consumers demand more from brands. They don’t want to be judged solely by what they buy or how much they spend. Consumers want personalized experiences.
- Historically customer loyalty was defined by three metrics, recency, frequency and monetary.
- Today’s definition of customer loyalty has evolved to encompass all engagement a customer has with a brand whether it be via social media, in-store or online visits. These engagements go beyond driving the customer simply from one purchase to the next.
QUICK READ: Before you pop too many corks celebrating this supposedly fantastic economy, remember that someone is going to have to pick up the tab at the end of the night. A few days ago, the New York Fed released numbers showing that U.S. household debt just surpassed $14 trillion for the first time ever. The last time total household debt peaked at anywhere near this figure was in the third quarter of 2008, as the teeth of the Great Recession really sunk in.
QUICK READ: Uber’s business model loses money on every transaction while investors in Blue Apron have lost 80% of their investment. A good business model can lead to record profits but a poor understanding of what consumers want and are willing to pay for can lead to a lot of money flushed down the toilet.
QUICK READ: Amazon.com has the bar for customer service when it comes to online sales. Retailers who sell primarily online cannot afford to be closed on Sundays and holidays and customer service people have to be available during normal business hours to answer customers’ questions.
QUICK READ: For 99% of the products we buy every day there is no emotional connection and consumers don’t care about your brand story. It’s about price, availability, and convenience.