How connected are you to a brand or company? It dictates how much you spend

posted by Brian Mudd -

How connected are you to a brand or company? It dictates how much you spend... 

Bottom Line: We all have our favs. You probably have favorite sports teams. A favorite retailer. A favorite brand for mobile devices, etc. What you might not have realized is the impact having a favorite, or at least being passionate about a brand or company, has on your buying decisions. You're likely to spend far more... How much more? According to Gallup's latest research - 23% more! 

It makes sense if you really think about your habits. You probably have stores and products you buy/patronize because you need them. In those stores and with those products you probably know what you need and are looking for buy it and move on with your day. Conversely, if you're engaged, emotionally attached and passionate about a product/store you're probably more likely to look beyond your needs and spend additional time on wants and to explore other products you might not be familiar with... 

This helps explain the incredible success of record setting brands and companies like Apple, Amazon, Netflix, etc. These brands/companies have been able to consistently pull their customers through more of their products, and more expensive products, through high levels of engagement and passion about the experiences. This is also an important thought for local businesses as well. The difference between passionate customers and a typical customer could be a 23% increase in revenue.

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