Brand loyalty can be described as ‘the extent of the faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing pressure generated by the competing brands’ (Business Dictionary). Source Marketing Direct followed a case study reported in Forbes magazine earlier this year discussing Apple Inc success in this area.
Consumers, who have bought Apple products in the past, will buy upgrades and other products from Apple in the future. The same consumers are patient with glitches, errors, delays or any negative issue that has arisen solely because they are loyal to the brand; they tend not to look at competitors offering similar products. This is something that the late Steve Jobs has been credited for in his ability to create an emotional connection between Apple and a target market. UBS Research states that Apples retention rate on the iPhone product is 89% meaning that 9/10 iPhone owners will never buy another smartphone (UBS Research).
Source Marketing Direct is in the business of new customer generation. Specialising in events and private site promotions, the firm has generated over 60,000 new customers already this year for its clients. While reaching client expectations for the quantity of customers is a given, Source Marketing Direct has started introducing key performance indicators for its ability to generate repeat business for their clients too.
Hector Montalvo, Source Marketing Direct Managing Director says “The need to generate repeat business and loyal customers for our clients is a really exciting dimension of our service. We have a great name for running highly profitable events where clients can confidently assume that we will attract new customers for them literally every day. Now being able to say ‘here are the new customers we generated for you – and by the way these customers are 70-80% more likely to stay with your service for 12 months or longer’ is going to be a huge benchmark for the industry”.
Source Marketing Direct has integrated a combination of marketing and sales techniques to ensure that 70-80% of new customers will return to the same client for future purchases/service.
The strategy involves firstly an official qualification of the customer to ensure that the customer needs and the product or service. Secondly, that the customer has all of the information needed to be able to make the right decision about the product or service for themselves without pressure or time restraints. Finally, Source Marketing Direct claim the emotional connection made at the point of sale will be key to its success. Source Marketing Direct will be ensuring a solid relationship with the customer and a genuinely helpful and positive customer experience to ensure they are seen as an extension of any client’s brand.
Source Marketing Direct will be monitoring the success of return customers and client’s expectations over the next six months.