Sharp rejects this sentiment for a few several reasons: (1) the study on which it was based has dubious methodology and (2) it contradicts how market dynamics work. The implication is that growth comes from retention and driving repurchase from existing customers. This is captured in versions of this statement that we’ve all heard: Acquiring new customers is X times more expensive than keeping your current customers. In Sharp’s view, marketers are incorrectly trained to think that the ideal outcome of marketing and brand growth is the hyperloyal buyer, the one who tattoos your logo on their arm and evangelizes your brand to their friends. Brands grow because they focus on getting new customers Here’s my one-table summary of How Brands Grow:Īnd here’s my one sentence summary of How Brands Grow:īrands grow by focusing on new customer acquisition, driven by increasing mental and physical availability, resulting in behaviorally loyal buyers. You’ve been trained that good marketing and brand growth comes from emphasizing emotions, positioning and loyalty. Sharp is basically like: “Hey marketers, your model of how marketing works is all wrong. Byron Sharp’s How Brands Grow: What Marketers Don’t Know was an eye opener for me, because he was right - there was a lot of stuff that I, as a marketer, did not know.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |