Brand loyalty used to be the gold standard in the marketing world, and either the ire or affection of every CMO in America. Today, it is a dusty relic in danger of becoming obsolete. Three findings illustrate this point:
Only 25% of American respondents in a recent study by Earnst and Young said that brand loyalty affected how they shopped.
Thunderhead recently reported that 1 in 4 customers would switch to a different provider on the basis of a single negative experience.
NPD Group noted that nearly half of those who described themselves as highly loyal to a brand were no longer loyal a year later.
What happened to loyal, committed customers?
Consistency, quality and reliability drove brand loyalty in the past. When the Internet leveled the advantage that known brands used to have by putting all of that into question and making it possible to find a cheaper product fast, brand loyalty began to fade.
Consistency could be checked.
Quality could be compared.
Reliability was suddenly everywhere.
Technology has given shoppers power and choices, making them brand promiscuous. Those who realize the sea change that the advent of the Internet has wrought have moved on from chasing brand loyalty to investing in customer research that informs brand identity and true customer experience. Brands choosing to learn what makes their customers tick and what ticks them off are better positioned to capitalize on the new axiom ruling the marketing world—the Law of Attraction.
What is the Law of Attraction?
The Marketing Law of Attraction is based on Isaac Newton’s Law of Attraction, which states that “every mass attracts every other mass in the universe using a proportional force…” or as we now call it, ‘gravitational force.’
The Marketing Law of Attraction is the ability to attract consumers by understanding their values, preferences and needs and leveraging your organization’s values, customer experience and products or services to pull in like-minded buyers.
Most of us can see this law at work in our personal life. Think about the people you hang out with; we often have similar interests, beliefs or values. If you’re a positive person, you likely gravitate towards more positive people. Or, if you’re health-oriented, you gravitate toward health-focused individuals. If you’re a mom, you’re probably attracted to hanging out with other moms because they mirror you.
Like attracts like
Attraction marketing is based on the concept that people are motivated by their emotions to be drawn to brands that are like them. A brand can use all the data sets at its disposal to be smarter, which will attract more like-minded customers, add mass to its marketing efforts (also known as ‘hype’), drive velocity and voila, the law of attraction takes action.
Using attraction to drive sales
The secret to more sales isn’t in knowing how to better hawk your products and services. It’s in understanding what your customers want and what they don’t. Armed with that knowledge, you can tailor the design and delivery of your products and services to your customers’ needs, wants and preferences.
Make an investment in research to understand what your customers experience when they interact with your brand. Then, spend the money necessary to improve that experience. Align your products and services with what your customers need and want.
That action will result in better solutions and more satisfying service, which is attractive to current customers and others just like them. It should also provide insight into three critical factors:
The identity of your true audience
The reality of your brand experience
The value of your products and services
Once you know these important elements, you can craft an authentic experience that will attract your ideal audience. Brands that are able to do this can give their audiences exponential value, convenience and time. That is in essence, the recipe for attraction. Master it and you’ll have a leg up on your competition and a strong footing to operate from for years to come.
Mary Ann O’Brien is a nationally recognized branding expert, marketing pioneer and thought leader. A former Fortune-100 CMO, she is the current CEO and founder of one of the nation’s fastest growing ad agencies, OBI Creative, which has offices in Omaha, Des Moines and San Diego.
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