- A study from Foodmix Marketing Communications shows getting customers to love a brand has significant impact on its key performance indicators, according to Grocery Headquarters. Brand devotees are more likely to make repeat purchases, tell others about a product and seek out that product in other channels.
- The study also noted 58% of brand devotees report they hoard products they love.
- Companies should play up the “deep emotional benefits” of their brand, along with its history and other relevant information, Foodmix CEO Dan O’Connell said.
Food companies understand the benefits of forging a deep, emotional connection between their brands and consumers. It’s why the likes of Coca-Cola and Corona tie their products to joyful experiences and beautiful locales. It’s why Anheuser-Busch likes to tell its history, and why Cheerios centers its advertising on kids and family.
Companies don’t just market a product — they market an experience. But is that enough to get customers to love their brands and hoard their products?
According to a recent study by management consulting firm Accenture, companies need to have a multidimensional approach to marketing that establishes a give-and-take with consumers. While focusing on price and service were enough to build brand loyalty in the past, today that has to be earned through small rewards, personalization and regular consumer engagement. The report notes that 44% of people are loyal to brands that ask consumers for help with product designs and creations.
As the Foodmix study notes, it’s also important to make product information readily available. This could include interesting facts about a product’s history, as well as how a product was developed and manufactured. Social media has been one popular way for some companies to share these experiences.
For retailers, it’s worth knowing which brands consumers really love, and then leveraging store assets to sell more of those products. Fun, creative endcaps and displays can draw customer traffic, while cross merchandising brings attention to related items that could use a sales lift. It could help grocers take cross merchandising to the next level by using beloved brands to sell meal and snack solutions. For example, beer could be price promoted with snacks before the big game. A beloved candy brand could include recipe cards that tie in other products to make a delicious dessert. The promotional possibilities are endless, and could deliver a lot of love for brands and stores alike.