• It costs 7 times more to get a new consumer for the brand than it does to get a current consumer to make an incremental purchase. • In some sectors, an increase in the consumer base by just one percent is otherwise equivalent to a 10 percent cost reduction. • Depending on the category, a 5% increase in customer loyalty will lift the lifetime profits per customer by up to 95%....
In his white paper, “Communication as Value Builder,” Dr. David Jensen, Senior Vice President with Ketchum in Atlanta, cites a 1998 study by the Wirthlin Group, which concludes that: • “Companies with good reputations are 7 times more likely to command premium prices for their products and services.• 5 times more likely to have their stock recommended• 4 times more likely to be recommended as a good place to work• 3 times more likely to...
Regarding customer loyalty, what should newer, faster growing brands focus on as an indicator of brand health and what should more established brands watch for as an indicator of brand health? Newer, faster growing brands should focus on the number of new loyal customers, while more established brands should track the number of lost loyal customers. Sponsored By: Brand Aid
Did you know that through carefully researched consumer insight, John Deere was able to significantly increase sales of its lawn tractors? Most men really admired the brand but believed that it was “too much for them.” They could never justify buying it for themselves. Here’s the insight. When their wives were made aware that 8 out of 10 men would prefer a John Deere lawn tractor if given the option, sales significantly increased. The way...
Did you know these brand management facts?
