Our 2018 Loyalty Survey revealed “recommending the brand” to be a primary way consumers define loyalty today.
Considering how valuable Social Media can be, it’s no wonder CMOs are allocating an average of 7% of their marketing budget to social marketing efforts. While virtual word of mouth certainly matters when spreading the word about your brand, conventional WOM still reigns supreme. The advocacy that stems from a consumer’s trusted circle is a key asset to your firm. Our February 2019 Retail Study identified friends and family as the second most common source for finding out about new or interesting products (behind physical stores by only 2%).
Collecting a few, crucial data points about a consumer will help you better understand why they would purchase your product, but keeping their immediate influences in mind will solidify you in their consideration set. When you gather demographic and behavioral data from purchasers, are you also asking a couple questions about their friends and family? Determine who the every-day stakeholders are in your target customer’s decision-making process as well as who your target would likely discuss your brand with. Identify and communicate with this network, in addition to your direct shopper, in order to lock in a brand advocacy feedback loop and drive loyalty.