According to A.G. Lafley and Roger L. Martin, in the new issue of Harvard Business Review, “Marketers spend a lot of time – and money – trying to delight consumers with ever-fresher, ever-more-appealing products.” However, as they continue, customers tend to make their buying decisions quickly and often automatically. In other words, they look for the familiar – things that are easy to buy. As a business owner, what’s the best way to approach this dilemma? They offer some great insight in their article, Customer Loyalty is Overrated.
According to the authors, here are four basic rules to follow if businesses want to achieve a “cumulative advantage,” not a competitive advantage on the competition – something they argue is more beneficial in the long-run given the dynamics of marketing today:
- Become popular early.
- Design for habit.
- Innovate inside the brand.
- Keep communication simple.
Read the Full Article: Harvard Business Review
Conclusions:
Businesses can’t look at branding and marketing the way they did decades ago. If companies aren’t willing to adapt and change quickly, they will suffer considerably as an organization in today’s dynamic and competitive business environment: click here to read the full article.