ARTICLE SUMMARY: Whether your online or a brick and mortar store, turning a profit is tough in the global marketplace. Markets change, customer wants and needs change and competition is fierce.
Core customers play a crucial role in saving brands in times of trouble. These loyal and dedicated customers can become a lifeline for struggling brands by providing steady revenue, positive word-of-mouth, and a sense of stability.
“How Core Customers Save Brands In Trouble” by Larry Light is a look at how a company may get into trouble, a way to get out of trouble, and a way to avoid trouble. He looks at
- Knowing your core customers
- How to stop the bleeding
- How to keep the brand business core strong
The data shows the value of your core customers including that reducing defections by 5% could increase profits by 25% and more. There is also data confirming that it costs 3-4 times as much to attract a new customer as it does to keep a customer loyal, it pays to build brand loyalty.
As an example Larry uses Airbird Shoes as a prime example when a brand “looses it’s way” and what they are doing to make a come back.
In summary, core customers are a brand’s foundation and can be a powerful force in helping the brand overcome challenges. By focusing on their needs, maintaining open communication, and nurturing the relationship, brands can harness the support of their core customers to navigate difficult times and set the stage for recovery and growth.
This is a great article and well worth reading.
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