Building relationships with customers is critical to retailers—and knowing who your brand advocates are may be the difference between success and failure. Here’s why you need to prioritize finding these unabashed fans of your retail company.
The 80-20 rule still stands
You probably learned about the Pareto principle in high school economics, and it’s true for business: 80% of your revenue likely comes from 20% of your customers. Figure out how to keep that 20% happy and engaged with your brand and you’ll see revenue grow.
People trust friends and family more than anything else
In a 2013 online survey, Nielsen found 84% of respondents in 58 countries cited recommendations from friends and family as the “most trustworthy” source of product recommendations, far ahead of advertising on branded websites (69%) and online consumer opinions (68%).
Younger customers are deeply loyal
A new study from Cassandra Report showed that 32% of younger consumers (think Millennials and Gen Z) believe they’ll always be loyal to certain brands—which gives you an excellent opportunity to begin building up a customer’s lifetime value and using them to recommend your products to their friends and family.
See how you can get this growth
See how Persio worked with one of its clients—a national discount department store— to find brand advocates and use them to grow its MMS marketing list by 30% in one week. Just fill out the form below.