Industry Research : Beyond The Point Of Purchase - A Look At Behaviors That Build Brand Loyalists
Traditionally, CMOs (Chief Marketing Officers) have focused attention on acquiring customers - tracking hundreds of metrics like cost per impression, lifetime value, channel value and other data points to make the customer acquisition process as scientific and effective as possible. Marketing teams analyze campaign spend and results to inform the next campaign - a repeatable cycle for customer acquisition.
But how much time do marketers spend on understanding and engaging customers across the entire lifecycle - from prospect to acquisition to new purchases and even collections? One of the biggest challenges for brands is knowing how and when to interact with consumers after a purchase has been made. Brands that focus purely on acquiring new customers are missing the opportunity to create loyal brand advocates who will return to brands for repeat purchases. Considering the entire lifecycle, CMOs looking to maximize return on investment need to understand how to best engage with customers regardless of where they are in the sales funnel or what channel they are using.
In addition, the role of the CMO is shifting and now is responsible for an ever-expanding number of sales and service touch points and the fragmentation of customer segments. This broadening of the CMO role will alter the way marketing functions in an organization. The CMO has a larger role representing the "voice of the customer" across a brand’s organization, significantly impacting brand loyalty efforts.
Highlights from the survey results include:
- Nearly half of consumers interact with brands after a purchase
- 86 percent of consumers say that it’s important to have a positive experience after making a purchase
- Word of mouth marketing is still critical with 79 percent of consumers telling family and friends when they have had a great experience with a brand
- 93 percent of consumers claim that a positive response or special offer can help restore the company’s reputation after a bad experience
- Brands can’t solely focus on mobile for interaction post-purchase. Only 26 percent have used their phones to contact a company through a mobile app with service question after making a purchase
In short, ACCENT Marketing Services shares this research with the intent that chief marketing officers can better understand the changing landscape of consumer engagement and how their targeted actions can maximize the return on investment for marketing campaigns.
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Published: Thursday, February 26, 2015