Updated: Aug 7
Consumer expectations of even their favourite, most trusted, most reliable Brands are at an all time high. With commodisation of everything from low cost airlines to flexible car ownership, it’s now Brands whom are frantically re-evaluating their own value proposition. Never has it been more true that Brands must earn consumer’s loyalty…and not the other way around.
It really wouldn’t be new news to preach a customer centric approach here. Far from it, this is now a pure hygiene factor, and the Brands that are yet to adopt one should do so quickly, or face extinction.
Unfortunately “customer-first” thinking won’t save you. It’s table stakes in a game which demands that Brands must create immediate, real world and personal value to their loyal consumers.
And in the age of intimate, connected and transparent commerce, Brands must create a “win win” open relationship with their customers; to win loyalty and advocacy by being the most useful and timely help to their customers. To make their customer’s lives better.
In order to create new, value driven loyalty we must first ascertain the base line.
· Where we are?
· What we do?
· Why we matter?
· How could we drive more meaningful loyalty that benefits our customers (as well as our business)?
We do this by first auditing the “now state”. We need to ask key questions to give a realistic interpretation of how the existing customer strategies are working today. Then, leaving no stone unturned, we need to build a data backed and more accurate behavioural based representation of our customer.
Most importantly we must endeavour to understand what is valuable to them in their world and what need your brand could legitimately fulfill for them.