I mean the way I define brand is the sum of
all the experiences that consumers have with
a company, with a product, with a services.
It can also be defined as how a consumer will
talk about that product if they were in private
with their wife, their partner, their friend.
That’s how I define brand. So brand loyalty,
the idea of brand loyalty as an asset for
a company that you don’t need to nurture,
that’s a myth, ‘cause brand loyalty needs
to be nurtured and invested into, to make
sure to keep that loyalty going.
But I don’t think the idea of pursuing brand
loyalty is a myth. I actually believe that
like most science and business science has
shown, that acquiring a new customer is much
more expensive than keeping existing customers.
So the role of marketing is definitely number
one to understand your existing customers
and to drive or to do activities that are
going to nurture and strengthen the loyalty,
the bond that consumers have with your brand.
It’s a myth if you think it’s an asset
that you don’t need to invest in. It’s
not a myth if it’s a strategy that you invest
in to really strengthen that bond that you
have with consumers.
