August 30, 2021
Gone are the days when shoppers had a lifetime commitment to brands or products – regardless of convenience or price – because, why would they?
Successive financial crises and a global pandemic have made consumers smarter, thriftier and more willing to shop around.
As markets have globalised and boards have focused on penetration and overall market share, companies have defined success in terms of pure acquisition, often at the expense of total customer lifetime value or the holy grail, customer loyalty. The trend is clear: brands need people more than people need brands, and to truly build loyalty, brands need to understand what value really means to consumers.
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