There is no loyalty.
We need to invest in brand loyalty. As soon as I hear that phrase, I think that a lot of money will be spent untrackable towards any measurable business outcomes.
In today’s fastpaced world, when our competitors are just a click away, I don’t believe in loyalty anymore.
What I do believe in is:
1) you continuously bring much more value than others (value means lower costs, higher revenue, or improved control)
2) you have created a habit in your customers buying patterns
3) you have build a product with sky-high switching cost
4) you have created a cult
I took out approximately 100 loyalty cards that I keep in my drawer, browsed through all of them, and asked myself a question: “Do I feel loyal towards any of those brands?” My honest answer was no.
Do this exercise yourself and share your answer in comments.