Brand Keys, a NY based firm that measures customer loyalty has just published its most recent findings. This mornings Boston Herald has a quick article on some of the key points and notes that Dunkin Donuts had the #1 spot for coffee drinker loyalty, followed by McDonalds, Starbucks and Krispy Kreme. The Starbucks hits keep coming!
When you review the findings, the interesting nugget is that the perception of value received is critical to customer loyalty. No surprise there, but what is surprising is the note that customers no longer perceive it is their personal responsibility to find value, but the brand's responsibility to provide it. However, as the post notes, value and price are not linked:
The brands that won are the beneficiaries of consumers’ new expectations regarding brand value. The most significant shift is a neutralizing of the impact of price. And, believe it or not, this can actually turn out to be good news for brands. While economic news hasn’t been good, these shifts provide opportunities for brands that pay attention to what the consumer really expects and offer meaningful differentiation, will tip the value scales in their direction, because value matters more than ever. More than just price.
What this means for business is that we all must continue to identify the Customer's Value Expectation (CVE) and find unique ways to meet and exceed it. We've developed a great exercise for identifying the CVE and combining it with Blue Ocean Strategy methodology to find those differentiators. If you want to discuss how we can help you with identifying your CVE, let us know, we'll be happy to help.
When you review the findings, the interesting nugget is that the perception of value received is critical to customer loyalty. No surprise there, but what is surprising is the note that customers no longer perceive it is their personal responsibility to find value, but the brand's responsibility to provide it. However, as the post notes, value and price are not linked:
The brands that won are the beneficiaries of consumers’ new expectations regarding brand value. The most significant shift is a neutralizing of the impact of price. And, believe it or not, this can actually turn out to be good news for brands. While economic news hasn’t been good, these shifts provide opportunities for brands that pay attention to what the consumer really expects and offer meaningful differentiation, will tip the value scales in their direction, because value matters more than ever. More than just price.
What this means for business is that we all must continue to identify the Customer's Value Expectation (CVE) and find unique ways to meet and exceed it. We've developed a great exercise for identifying the CVE and combining it with Blue Ocean Strategy methodology to find those differentiators. If you want to discuss how we can help you with identifying your CVE, let us know, we'll be happy to help.
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