In the age of hypercompetitive markets, it is the customers who have the power. While most customers no longer exhibit traditional brand loyalty, they are in fact loyal to the brand that provides the best experience. In a recent study by Epsilon, 80% of customers indicated that they prefer businesses that offer personalized experiences, and of the customers who find personalized experiences very appealing, they are 10 times more likely to be a brands most valuable customer. Many brands already understand that they cannot compete solely on products or services, but in order to remain competitive, they must compete on customer experience. Broad-based campaigns, which used to be the standard for marketing segmentation strategy, are now becoming individualized experiences based on customer needs and preferences. At this point in time, the customer is king and the companies that fail to realize this will fall behind their competition.
Voting 0
