Life of a Business Owner

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 

Exercise:

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.

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