The business implications are fairly obvious. If businesses wish to promote impulse buying, they should create an environment where consumers can be relieved of their negative perceptions of impulse. Businesses should stress the relative rationality of impulse buying in their advertising efforts. Similarly, they should stress the non-economic rewards of impulse buying. […]
Tips for maximizing on evolutionary trends to stimulate loyalty.
Most important lesson for managers is that loyalty schemes have a life cycle. Although they may be an effective sales strategy when introduced into a market, over time they lose their effectiveness as saturation occurs and customers become habituated to the loyalty schemes. Attitudinal loyalty seems to last longer than behavioural loyalty, but as behavioural loyalty is the only form that translates to dollars; this is not good news for business. However, the solution is to scrap the tired old loyalty scheme and come up with some innovative untried initiative that will capture the imagination of customers and stimulate both attitudinal and behavioural loyalty.
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Accommodating these trends will require a paradigm change on the parts of some companies. But whether a brand does something about it or not, the future is where it’s going to spend the rest of its life. How long that life is up to the brand, determined by how it responds to today’s reality.
This year is poised to be an exciting year for marketers; trends that have been taking shape over the course of the past decade are creating new opportunities for business owners. […]
Generation Y loyalty should be a critical issues for any business. The Generation Y group is of particular interest to marketeers, even though it is likely to be unprofitable or marginally profitable at the onset, because of the potential to develop them early on into loyal customers that can eventually translate into substantial profits down the road.
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I propose these tried-and-true tactics with interpersonal strategies that can deepen relationships with customers, establish greater levels of trust and build stronger customer loyalty. Here are 10 tips for you to consider if you are sincerely interested in having a business that is notable for customer loyalty and referrals.
Customer loyalty matters because selling more to existing customers is easier, and cheaper, than finding and selling to new ones. Loyal customers tend to buy more, more regularly. And they will frequently recommend your business to others. […]
This link between what people considered two very disparate companies spurred thinking about competition we cannot easily envision, or what is called “Invisible Competition” Competition isn’t really invisible, of course. But we often face competition we don’t expect, and we all can too easily overlook important signs of competitive activity. We can use the term “invisible competition” as a framework for thinking about a changing competitive landscape, new competitors, or future competition in a new light. Invisible competition can come from a new domestic company, an international company entering key markets, or a new joint venture, alliance, or merger that creates a new threat, industry shift, or paradigm change. The creation of new or invisible competitors is often stimulated by: new technology, favourable economic conditions, changes in market dynamics, changes in the attitudes or vision of competitors’ executives, or changes in consumer demographics or target audiences. […]
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