In this episode of CoBB | Conversations on the Business of Brands, Sharan and Sudeep dive into the intricate realities of brand loyalty. Is it truly an emotional bond or merely a matter of convenience and habit? This episode challenges the conventional wisdom around brand loyalty and offers a practical guide for marketers.
Our hosts start by discussing why recent studies question the traditional concepts of brand loyalty. With only 13% of consumers feeling a deep attachment to brands, Sharan explains why speed, ease, and habit are the real drivers of repeat purchases. He emphasizes that consumers are pragmatic, sticking with brands more out of convenience than devotion.
The episode delves into the four neurobiological principles of loyalty: reward, memory, emotion, and social interaction. Sharan shares practical insights on how brands can leverage these principles to foster habitual purchasing. Examples include Starbucks for rewards and Patagonia for aligning with customer values.
Sharan and Sudeep then explore tactical approaches to boost loyalty, such as gamification, shared values, and personalization. Continuous engagement is highlighted as crucial for staying relevant, with brands like Red Bull and LEGO maintaining engagement through innovative content and community-building.
The discussion shifts to how loyalty has evolved to focus on convenience, value, and experience. Sharan emphasizes the importance of delivering disproportionate value, using Amazon Prime as an example. The hosts also discuss the role of omnipresence, with Unilever ensuring product availability across various retail formats.
The episode wraps up with real-world examples of brands that have successfully shifted from loyalty to engagement, including Amazon Prime, LEGO, and Harley-Davidson. Sharan and Sudeep also touch on the concept of forced loyalty through ecosystems, stressing the importance of making ecosystems rewarding to avoid customer dissatisfaction.
Join Sharan and Sudeep as they lay out these fundamental principles, providing a practical guide to enhance your effectiveness as a marketer. Ready to elevate your marketing game? Tune in and transform your approach to building brand loyalty.
As always, do mail us your feedback, comments and any questions you may have for our hosts at mail@cobbcast.net. We love hearing from you.
SHOW WEBSITE - www.cobbcast.net/
CONNECT WITH OUR HOSTS
Sudeep Chawla - ⁠Linkedin⁠ - / sudeepchawla
Sharavana Raghavan - ⁠Linkedin⁠ - / sharavana-raghavan
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CoBB on Instagram - / cobb.cast
CREDITS
- Album Art & Design by ting.in - www.ting.in/
- Voiceovers by Anjale Stephanos - / anjale
- Music from Zapsplat.com -
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