As remarkable as it sounds, our latest research shows that brands now need to nurture customers for at least two years before securing commitment. Over that time, the first year is devoted to building trust; the second, to strengthening the relationship. After that, brands reach what we call the “relationship tipping point,” when trust matures into a strong relationship and customers first show commitment to a brand.

And the story doesn’t stop there . . . We also found that the biggest incremental change in customer spend happens even further down the road – at the 5+ years stage. Similar to the relationship tipping point, this “revenue tipping point” occurs when the revenue value of a customer increases dramatically relative to a brand’s investment in that customer. I’m talking about the intersection of brand trust, relationship and spend – and it takes at least half a decade to get there.

In today’s business environment, that much time can be an eternity. But there are steps you can take to accelerate customer progression to the tipping point.

More specifically, our research shows that in order to move buyers along the customer journey, marketers need to focus their attention on three key elements. You need to:

1. Build customer trust and commitment. Start by understanding the critical factors that drive customer commitment and how to best fulfill emotional needs for your customers. Successfully promoting your brand identity is a complex process that includes company ethics, transparency and the ability to efficiently and effectively deliver your brand promise.
2. Meet functional needs to improve the customer experience. The customer experience you deliver must reflect the brand promise you establish in Step 1 – and it must be relevant ongoing, consistent, meaningful and mutually-rewarding. To accomplish all that, you’ll need to develop an integrated omni-channel experience, and you’ll need to use customer data deliberately, so you can deliver messages that are reliable, considerate and relevant. Once you do, you’ll start building the kind of credibility that matures into brand loyalty.
3. Enable customer momentum by delivering a frictionless customer journey. The omni-channel experience you offer must include a variety of on- and off-line channels so customers can start, stop, rejoin and jump engagement levels, carving out their own highly individualized paths to purchase – and then ideally, continuing on to help build a community around your brand.

We’ve found that when brands routinely fulfill all three steps above, ROI improves significantly. Think of it as a three-way street: ROI comes at the intersection of journey, experience and commitment.  And the real payoff is an exceptional brand experience, as our data tells us that a committed customer spends 1.5 times more, on average, than a customer who is not engaged.

The most successful and preferred brands globally are those that fully understand these connections. They know that building trust is fundamental to securing a committed brand relationship.

MIRAMAR, means “sea-view” or “sea sight” from mira (“watch”) and mar (“sea”). Staying true to the philosophy by which it was founded, every MIRAMAR brand, client and partner is cared for, treated and watched in a special way. Our mission is to become the number one brand management company and agency for our global clients. To accomplish this, we pledge to continue deliver the best product; striving to build upon our global transaction experience, partnerships and technological advances while pushing the limits on what we can learn each and every day together.

Headquartered in Pasadena, California, Miramar Brands Group, Inc. (“MBGI”) is all about the innovation and expansion of retail and consumer brands worldwide. MBGI is a leading global, privately held independent brand management, licensing, consulting, celebrity and media marketing and design company.

MBGI and it’s executives and agents worldwide have executed global license agreements and strategic partnerships that today exceed $5 Billion in retail sales annually.

We are in the middle of the biggest and most profound transformation in the history of retailing, being driven by the disruptive dynamics of the most powerful consumers in history, facilitated by technology, the power of the Internet and our connected omnichannel world. Retail is being driven by globalization, essentially the powerful connection of the entire planet. So not only is this a time of opportunity for businesses to fundamentally transform their strategies and business models to serve this newly empowered consumer, it’s an absolute necessity. Those who do not change will disappear.

The economics of this networked society are already staggering.  A McKinsey report studying thirteen of the worlds most advanced industrial economies found that over $8 trillion is already being spent through e-commerce.

Every minute of every day in 2014, 3 billion Internet users in the world sent 204 million e-mails, uploaded 72 hours of new YouTube videos, made over 4 million Google searches, shared 2,460,000 pieces of Facebook content, downloaded 48,000 Apple Apps, spent $83,000 on Amazon, Tweeted 277,000 messages, and posted 216,000 new Instagram photos.  What used to be a “New York” minute is now today’s “Internet minute” and today’s Internet minute makes New York seem like a sleepy village.

MBGI’s executive team has over 50 years and three generations of combined brand management experience in developing, marketing and manufacturing some of the most powerful brands in the world.

Brand partners, current clients and Brand Management Projects:

• Lagardère Active Enterprises, Paris, France
• Hachette Filipacchi Presse, Paris, France
• ELLE®, North America, South America and Middle East
• ELLE® Decor
• Strategic Partners for ELLE Nurses Uniforms, Footwear and Accessories Worldwide
• Hang Ten® and Hang Ten® Gold, North America
• Cherokee Global Brands 
• Tony Hawk® Clothing
• Berkshire Hathaway
• Fruit of the Loom®
• Union Underwear
• Russell® Brands
• Spalding® 
• King of the Beach® and Queen of the Beach™ Brands Worldwide
• USA Volleyball 
• The US Open of Beach Volleyball
• Playboy
• Reyn Spooner
• Quiksilver, Inc.
• Home Dynamix for ELLE and ELLE Decor
• Li & Fung for ELLE and ELLE Decor Wordwide

Contact Us at contact@miramarbrands.com