QUICK READ: Marketers get too carried away with their brands. Sure, there are some brands that people are passionate about (don’t come between me and my Haagen Dazs) but the rising sales of private labels indicate, to me, that a lot of consumers are falling out of love with brands.
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.
- [inlinetweet prefix=”” tweeter=”” suffix=””]75% of consumers admit to having a preferred brand when shopping, but 76% of those said they are likely to change their mind as they shop[/inlinetweet].
- 83% cite value based on the price paid as being the No. 1 factor when considering making a purchase, followed by quality at 80%, reputation at 47%, and service at 39%.
[inlinetweet prefix=”” tweeter=”” suffix=””]One of the biggest mistakes that most brands make is the belief that their customers want to have a relationship with them[/inlinetweet]. This is mule muffins. People are too damn busy to have a relationship with Betty Crocker or Mr Peanut.
Five years ago, 78 percent of consumers used at least one online channel when prospecting. Today, 88 percent do—and four in 10 want even more digital interactions than what companies are providing. Two-thirds said the number of companies or brands they consider for purchase has increased significantly compared with 10 years ago. Digital has become more important to consumers across the board. Some consumers have completely “gone digital”—they prefer to interact with their providers via online channels at every opportunity and are loathe to be forced into conversations with humans.