Reasons we love Thursdays: First Thursdays, Lunch and Learns, being the day before Friday, and #rDialogueTBT. In this weeks’ #rDialogueTBT we return to 2011 to look at the impact of brand advocates. We all know that brand advocates are a brand’s most valuable customers, but the real question is; do brand advocates feel important to the brand, or do they feel like just another guy?
Trend #6: Having brand advocates is essential for a brand to survive, thrive and prosper
Industry said it in – 2011
“The idea that you need tens of thousands of Twitter followers, blog subscribers, LinkedIn connections and Facebook friends to build your business via social media is dead. Quality connections with those who are loyal to the business and the brand are far more helpful to spread your message than large groups of connections who disappear after the first interaction.” – 10 marketing trends for 2011
rDialogue said it in – 2011
“The biggest difference between companies and rockstars is that companies are focused on acquiring new customers, while rockstars are focused on connecting with their advocates. The problem is, new customers have little to no brand loyalty toward that company, and it costs 6-7 times more than simply retaining an existing customer. Brand Advocates are by far the smallest group, but they also have the highest levels of brand loyalty. Most importantly, advocates spend 13% more than the average customer and refer business equal to 45% of the money they spend.” - Rachel Lothspeich in Think like a Rockstar