Brand Loyalty and the Chamber of Secrets
Measuring brand loyalty includes involvement, price worthiness, emotional value, social value, brand trust, satisfaction, commitment, and repeat purchase.
Measuring brand loyalty includes involvement, price worthiness, emotional value, social value, brand trust, satisfaction, commitment, and repeat purchase.
The only advertising that gets customers immediately is through discounts. I’ve seen this picture before, and I don’t like the ending.
The answer is to get better at identifying and closing more sales of both Transactional Shoppers and Relational Buyers.
Price is the easiest to match. Competitors will drive you out of business using this strategy when they have more money than you.
Transactional shoppers illustrate lower average sales and closing ratios, and smaller profit margins.
Understand your customer, and you will never sell to them. They will buy from you over and over again because you care about them.
When I walk into my local Starbucks, I feel like Norm Peterson walking into Cheers. What do you do that makes customers feel comfortable?
Dropping price to be competitive means we’re only working harder to put ourselves out of business sooner.
If the epic failure, Groupon, taught us anything, it was that there is no value in attracting a bunch of cheap customers.