13 lines
2.6 KiB
JSON
13 lines
2.6 KiB
JSON
{
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"HubID": "2143",
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"Date": "2/6/2023",
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"HubTags": [
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"External Platform Posts"
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],
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"Contacts": "",
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"Companies": "",
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"File": "",
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"Image": "2143__Image_URL.jpg",
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"Summary": "How do you retain customers (#customerretention) and keep them captive?",
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"Notes": "<p>How do you retain customers (#customerretention) and keep them captive?</p><p>Let's borrow from Seth Godin (https://lnkd.in/gYMEy9Th), a long-time business writer that I read.</p><p>He said: \"A #brand is a set of expectations, memories, stories and relationships that, taken together, account for a customer's decision to choose one product or service over another\"</p><p>Lets unpack that from the context of a company's operations:</p><p>1. EXPECTATIONS revolve around product benefits and features (an R&D and product development function); </p><p>2. RELATIONSHIPS revolve around things like #customerservice , product support, etc. (a #marketing function);</p><p>2. MEMORIES AND STORIES revolve around the experiences users have using the product and around memorable marketing the company creates (a marketing function);</p><p>So where is the alpha for a brand, even if the brand has unique products that gives it a defensible competitive advantage? </p><p>Solving for EXPECTATIONS and RELATIONSHIPS as defined above is really just operations and formulas for making these two areas efficient and meeting customer expectations. </p><p>The alpha comes down to MEMORIES AND STORIES, or experiences. </p><p>Ty Haney, from her experience with Outdoor Voice apparel brand, says she gets 4x the value through high-touch experiential events compared to advertising.</p><p>While products solve problems and satisfy needs, it is better if that product can create an experience, because experiences create feelings which people remember. Positive feelings out of an experience creates greater emotional impact, which ends up tying the customer to the product and the brand behind it. </p><p>There is a saying: “People will forget what you said, people will forget what you did but people will never forget how you made them feel”. </p><p>To get alpha, #consumerbrands have to be more than just producing, marketing, distributing and selling products. They have to create positive experiences, not just for potential customers, but for product owners, in ways that reach each customer, which means their marketing is moving one-to-one which becomes unscalable.</p><p>In a #web2 world that is really hard to do, but in a #web3 world, that is possible because the paradigm is building infrastructure to allow brands to do unique, individualized things at scale.</p>"
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} |