By Torsten H. Nilson
This publication explores the more and more very important subject of brand name development in the one-to-one proposal. It explains the right way to in achieving what all agents dream a couple of services or products personalized for every person patron that's either a great worth for the client and a ecocnomic enterprise for the manufacturer. It makes use of sensible instruments and case reviews to teach how a firm can optimize its model advertising and marketing assets.
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Extra resources for Customize the Brand: Make it more desirable and profitable
Example text
The individual may not buy again but the individual’s friends or relatives may well – and will ask a previous customer for advice. There is a multitude of studies proving and illustrating that if the number of loyal customers goes up so will profits. And common sense supports the evidence. It is more expensive to recruit a new customer than getting a repeat from an existing one, so repeat business must be more profitable. 20 Customize the Brand These five marketing fundamentals are essential for any business in any circumstance.
Selling well-regarded branded goods to someone with ‘a budget’ has always been easier than selling to those who pay with their own money. In the latter case the propensity to take risks is higher than in the former. It is very important to be seen to make the right decision. In the company power game it is crucial to be seen to make the right decisions. It is important that the boss agrees with the decisions, but also peers, subordinates and those being involved in the purchase ‘need’ to feel that the decision made was ‘the right thing to do’.
Similar strategies, which exclude low-profit customers and pamper high-profit ones, have been suggested by a number of management consultancies and CRM (customer relationship management) promoters. The strategy may well pay dividends short term. Long term it is a recipe for disaster. For a brand or company with ambitions to be a leader such a short-term strategy is incompatible with brand leader ambitions, unless the strategy is to be a ‘snob’ brand. American Express in Europe applied for many years a philosophy of rejecting many applicants to build the snob value – apparently with great success at the time.