New research from McKinsey shows that loyalty — despite significant investments in loyalty programs — is surprisingly weak and customers are switching brands. The brands in that initial consideration set were more than twice as likely to be purchased as brands considered only later in the decision journey. Overall, 69% of the brands purchased by consumers who switched brands were part of the initial consideration set. Re-allocate marketing spend to programs that drive initial consideration: The shift to building initial consideration begins with a shift in marketing investments. The result was a tripling of initial consideration.

Source: Forbes September 11, 2017 16:18 UTC