Friday Facts in #Marketing for March 17, 2017
Bet you thought customer loyalty was an important marketing objective. So did I. Surprise! 😮
According to McKinsey & Company, “Consumers, including those you may have thought loyal, are considering someone else’s offerings more often than you realize.”
It appears that “new technologies and greater choice are changing how consumers are thinking and acting across their consumer journeys.” This is especially true for online purchasing where shopping apps “showcase options, simplify pricing, compare product specifications, and facilitate peer reviews is making it possible to size up brands effortlessly.”
That makes online comparison shopping very easy. As an example, last week I purchased an item from a seller who priced the product 35% lower than all other vendors! Now, that’s a big savings.
Of the 30 categories that researchers studied, only three were loyalty driven – mobile carriers, auto insurance, and investments. For those of you who do not market these three consumer categories, the McKinsey study has a wealth of information you’ll want to read – no matter your size.
Scroll down for the graph of consumer categories.