Back in May of this year Overstock.com, the well known — did I say well recognized and branded leader in online discount sales, changed it’s self-descriptive name to a meaningless wonder O.co. This brilliant move lead by the president and CEO Jonathan Johnson ignored all the rules about branding, brand value and building the position of your brand which already has a place in the consumers experience.
Back on 5/10/11 of this year I already mentioned that these kind of blunders cost companies big time in terms of loss of brand equity, confusion by current customers and ultimately loss of sales – which motivated this change back. The internal “listening” that often guides customers to making decisions on how to lead their brand decisions in the market was also the disaster that let Netflix to the blunders they made in the summer of this year with doubling their price creating and the Quiwkster n killing.
It’s not about the brand, It’s the all about the customer (hasn’t it always been?)
Brands, businesses must think like customers and understand customers motivations. It’s not rocket science. It’s about understanding the top 5 reasons customers come to you, think of you and buy from you. This guides the consumers’ reality. Remember they live in an overwhelmeing world, bombarded by constant options to buy, contant marketing and advertising. What consumers want is trust, connection and a predictable experience and relationship.
Follow the Five Rules (my rules) of customer loyalty
So, to the online marketing place, large Fortune 1000 brands don’t go changing things without understanding how your customers think.
1) Find out why they buy from you – and reinforce this relationship
2) Connect to customers they way they know you – online/off, however it works for them
3) Go carefully with (and incentivize) change – and give a reason
4) Be consistant with your brand messaging – repeat till you’re bored stiffed
5) Ask what the customers want – kind of a good idea don’t ya think?