I had a strange and uncomfortable conversation recently about some consumer research revealed a fact that shouldn’t have been surprising. We are humans; We are intelligent (We may choose not to exercise it at times, but we are intelligent); We are individualistic (we do have some what of a herd mentality but we are each unique in our own ways) but most of all, We make choices and decisions based on our own definition of “SELF ACTUALIZATION”!
The conversation related to consumers exercising opinions contrary to executive belief that people should invest in their own business. What is the ‘All powerful’ consumer to do if the brand does not meet her needs, even if it is her own business? Old school thinking does not hold any longer! Consumer choice is a moment of truth when rational people can sometimes make irrational decisions driven by their values, their experiences, their personalities and their psyche.
Loyalty cannot be bought and more over loyalty cannot be taken for granted! Loyalty is priceless and needs to be respected. Drawing on Steven Covey’s ideas from Seven habits of highly effective people, brand stewards need to invest actively in the loyalty ‘capital’ pool before making any withdrawals (in form of repeat purchase even when prices creep higher, brands morph packages or when brands stretch into newer pastures).
