Customer loyalty is overrated, brands should focus more on acquiring customers. It’s a fashionable refrain in recent years.
So I was struck by Jeff Bezos recent revelation that Amazon Prime now has more than 100 million members globally.
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Storytelling has become a core skill that brands have to master. And for good reason.
A strong brand story can engage people, be memorable, and help them believe in what the brand stands for.
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The need for businesses to live the brand has become something of a mantra for marketers, and for good reason. In a world where brands are increasingly defined by customer experience, a brand needs to feel coherent whenever a customer encounters it.
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Word of mouth has traditionally been underutilized by marketers.
Its importance has always been apparent. Every piece of research I’ve ever done has had recommendation from friends or family as the first or second source of new customers.
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Brands need to focus more on acquiring new customers in order to grow. It’s advice that has become increasingly widespread.
The ball started rolling with the publication of How Brands Grow by Byron Sharp in 2010.
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I’ve always believed that the purpose of marketing is to create enough value for customers to earn a place in their lives.
Yet I’ve been struck by the gulf between the concerns of the marketing industry and those of customers over the last twelve months.
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