CMO Confidential Karna Crawford | CMO Confidential | The Customer Loyalty Crisis & What to Do About It
Aug 20, 2024
Join Karna Crawford, CMO of Marqeta and former marketing strategist at JPMorgan Chase and Ford, as she dives into the customer loyalty crisis. She reveals how brands often overlook customer retention for acquisition, creating 'promiscuous customers.' Learn how AI can personalize experiences to win back loyalty and the importance of balancing customer interactions. Karna also shares cautionary tales, like GAP and United’s missteps in loyalty initiatives. Tune in for valuable insights to revamp your marketing strategy!
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Defining Loyalty
- Customer loyalty means choosing a brand even when prices are higher or other options exist.
- Brand promiscuity is rising due to increased choice and accessibility via social media and e-commerce.
Reasons for Promiscuity
- Increased choices and readily available alternatives make customers less loyal.
- Customers prioritize the best deals when products lack differentiation, fostering brand promiscuity.
Retention vs. Acquisition
- Companies often prioritize new customer acquisition over retention.
- Shifting investment towards existing customers and building brand love can lower churn.
