Welcome to the 35th episode of The Fan-Damn-Tastic Marketing Show! Today I spend a few minutes talking about how some companies focus on getting customers to switch to their brand, and how this approach can actually backfire. Think of satellite TV (Dish vs Direct TV) and smartphone carriers (ATT&T, Verizon, Sprint, etc) all giving great deals if you’ll switch to them.
1:05 – The marketing dichotomy between how companies market to acquire new customers vs how rock stars market to existing fans
1:40 – The Zac Brown Band’s Eat and Greet for fans where the band prepares a meal and serves it to its fans before every concert
3:20 – How some companies market in a way that rewards new customers, while actually penalizing loyal customers
4:45 – A new customer has little to no loyalty toward your brand, so the new customer goes to ‘the highest bidder’, or the company that gives the most free stuff or the best deal. This doesn’t build loyalty to the brand it builds loyalty to the offer. The customer is loyal to the company as long as they have the best offer.
6:40 – When an existing customer sees that new customers are getting amazing deals, how does that make them feel?
9:30 – This approach conditions customers to look for the best deal, not the best brand
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We’ll talk again on Wednesday!