We are the 80%
According to findings from an annual brand survey that has researched more than 60,000 consumers since it started, there are three key attributes that a brand should have to create desire and impact:
- Have a viable and authentic ambition that truly energizes your business and stakeholders
- Ensure you make a substantial difference to people’s lives and continue to re-evaluate what you offer to people’s changing needs
- Create a personality that makes the right people connect with you
However, even if you do all this and create desire and impact to standout from your competition, there’s another major problem brands have in that we, the people, are very fickle. We don’t do brand loyalty, despite what some marketing companies might tell you.
Although most marketers want to develop a deep relationship with customers to encourage long term loyalty and sales, according to “How brands grow – what marketers don’t know” by Professor Byron Sharp , the reality is that we don’t. And of the few brands that do have brand loyal customers, these people aren’t commercially important. It’s the 80 per cent of infrequent, brand fickle, buyers that make up most of a big brands’ sales. Not the often quoted 20 per cent of brand loyal fans.
In terms of PR, social and brand communications then the strategy is clear. Brands need a base level of activity that regularly and consistently demonstrates the three attributes needed to create desire. But because of the fickle nature of people, key standout campaigns are needed at regular points throughout a brands’ lifecycle to boost awareness to the mass fickle market to keep sales growing. We are the 80 per cent that purchase on a whim and brands that ignore us do so at your peril!