In spite of the best efforts off the now numerous loyalty programmes, a new study by leading business consulting firm McKinsey clearly states that loyalty is not as well entrenched as thought. In the study comprising of more than one-hundred and twenty-five thousand consumers across thirty categories, it was realized that only a tenth of such categories’ sales were determined by loyalty. A metric has been devised known as the Customer Growth Indicator (CGI) to map this constant shift by consumers in their choice of brands. It was realized that the initial consideration was of paramount importance. This study enumerated three proactive strategies to improve on initial brand consideration. Firstly, marketing spend needs to be reallocated towards programmes driving this initial consideration. A deep analysis must be made on services or products that are relevant to potential customers. Finally, new products must be communicated to these potential customers using creative patterns that will highlight product features and expected experiences.

Source:https://www.forbes.com/sites/mckinsey/2017/09/11/your-digital-consumer-is-cheating-on-you-how-brands-can-win-in-the-battle-for-growth/#3a9172501b7e

Uploaded Date: 27 October 2017