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The same goes true for addressing concerns.
Smart organizations realize that can make or break a business, yet some still miss big when it comes to how to create those relationships and brand loyalty.
A recent study from McKinsey indicated that while it costs five times as much to attract a customer than to keep an existing one, most companies only allocate 18% of their overall marketing focus on retention.In today’s hyper-crowded eCommerce world, that simply won’t do.
Brands that aren’t using modern data-driven technology to inform and empower their retention and loyalty will find it hard to compete.How to Bridge the Loyalty Gap?So, what is the reason for this disconnect?
The reason for this could relate to a misunderstanding of how companies understand the concept of “brand loyalty”.
Tactics like providing a free gift with purchase or giving extra content to those who sign up for an offer or a membership are all great ways to give consumers that extra added push to look deeper at your brand and your product line and begin a relationship with both.Psychological Triggers: Commitment & ConsistencyIf you’ve ever decided to quit smoking or lose some weight, you know how stating your goal out loud to others can help keep you “accountable” to achieving your goal.