The Big Debate: Is becoming an ‘ecosystem’ brand the only way to win customer loyalty?

By offering a smorgasbord of different services under a single umbrella and streamlining the customer experience, ‘ecosystem’ brands are proving to be some of the most valuable companies in the world.

Google, Apple, Microsoft and Amazon – the top four brands in Kantar Millward Brown’s 2017 BrandZ ranking – fall into the ecosystem brand category, each of which connects with consumers across a number of different touchpoints making them highly desirable.

“Ecosystem brands cleverly meet our needs and make our lives easier by offering us all sorts of things that are connected so we gain this traction with them,” says Peter Walshe, BrandZ global strategy director. “Amazon, in particular, has mastered that way of establishing a perfect relationship with people.”

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Four Ways to Use Social Listening to Boost Customer Loyalty

Business owners love the idea of making all customers loyal customers. But, in reality, fostering true customer retention is about as easy as Donald Trump giving a soft-spoken speech: You think it’s probably within the realm of possibility, but it’s unlikely.

The importance of customer retention vs. customer acquisition can’t be overstated. Most companies tend to focus on new customer acquisition, when in reality the cost of retaining customers is a mere fifth of that which it costs to obtain new customers. And, increasing customer loyalty by just 5% can yield a whopping 25%-95% increase in profit!

Social listening, also known as social monitoring, has become an essential way for businesses to help create customer loyalty in a whole new way. Social media is the mountaintop from which your consumers shout, whether to praise or vilify. And, if they’re talking about your business, you can bet your bottom dollar you don’t want to miss it.

Bron en volledig bericht: MarketingProfs