If ‘LOVE’ is the answer, how do you make people fall in love with a brand?
Okay Albert, so what is the magic formula?
If you search for customer’s love or as we call it “a magic brand moment”, think of your sales promotions as an extension of your creative marketing and advertising. Unlike homogenous discounts – which offer very little customization or differentiation – rewards are an opportunity to showcase your brand and product, create an emotional connection with your customer, and differentiate your brand from the competition.
Transforming a sales promotion into a magic brand moment takes a bit of marketing alchemy. It means creating a promotion that’s relevant to your customers‘ lifestyles, encourages them to actively engage in your brand, and ideally involves a post-purchase experience that creates an emotional connection.
Lifestyle Relevance + Active Engagement + Post-Purchase Experience
= Magic Brand Moment
1. RELATE TO YOUR CUSTOMERS’ LIFESTYLES
It’s the first rule of marketing: lead with value. How does your product or service serve your target market? How does it fit into their lifestyle? In what way does it actually improve their life?
Rather than offering the same product or service at a lower price, studies show it’s better business to offer added value – consumers would rather get more than pay less. Plus, it allows you to maintain price integrity and foster positive associations around your brand.
The ‘halo effect’ is when people form a positive impression of something – be it a person, a product, or a brand – because it’s associated with something else they feel positively about. Once you know your customer’s interests and desires, you can find a way to associate your product or service with their ideal lifestyle and make your brand part of that dream.
2. ENCOURAGE ACTIVE ENGAGEMENT
Engagement marketing encourages your customer or prospect to become involved – or engaged – in the brand experience by generating meaningful interactions with them. One study found 74% of customers are more likely to buy a product promoted this way, while another found engagement marketing accounted for 50-80% of all word-of-mouth activity.
This could be due to the so-called ‘IKEA effect’ – the theory that “labour alone can be sufficient to induce greater liking for the fruits of one’s labour.” This emerged from an experiment where participants were asked to fold origami animals, then bid to buy creations by both themselves and experts. They placed disproportionate value on their own creations, showing that active involvement increases the perceived value of a purchase.
When it comes to sales promotions, making customers feel they have as much to gain from engaging with your brand as you do will foster a sense of reciprocity that keeps them emotionally connected to your brand. Finding ways to add value to your customer experience by encouraging active engagement can help you create magic brand moments.
3. OFFER A POST-PURCHASE EXPERIENCE
In today’s experience economy, 76% of consumers would rather spend their money on experiences than material things, according to Momentum Worldwide’s 2019 research. Indeed, since 1987 all US consumer spending on live experiences and events has increased by 70%.
Psychologists have discovered experiential purchases make people happier for longer than material purchases. One reason is that we’re more prone to adapting to material possessions in a way we don’t with experiences. Another is that experiences comprise a more meaningful part of our identity. And thirdly, they’re a better tool for fostering social relationships, which are essential to human health and happiness. All promising ingredients for a magic brand moment.
“Everything should be made as simple as possible, but no simpler.”