After decades trying to fill the famous leaking buckets of their brands – continually flooding them with new customers earned by acquiring dollars instead of breaking holes with retention expenses – traders end up reversing the trend.
According to a recent Gartner survey of marketing managers, marketing managers now allocate two-thirds of their budgets to customer loyalty and growth initiatives to increase the value of their lives. This is a drastic change from last year, when the results of a CMO survey conducted by my employer revealed that marketers were still spending three quarters of their budgets. marketing on the acquisition.
Why the sudden change? Because the disruptive wave of Amazon, the most valuable brand on the planet according to the Brand Finance Group, continues to grow, leaving behind a demanding, inconstant and experience-driven market.
Leveraging all customer data to innovate and deliver more exciting deals, Amazon continually encourages consumers to come back and spend more – and brands that have not adopted customer-centric strategies remain afloat.
[Read the full article on MarTech Today.]
The opinions expressed in this article are those of the guest author and not necessarily Marketing Land. The authors of the staff are listed here.