#14 – How Michelin Tyres 🛞, Michelin Guide & Michelin Stars🍴are Related!

In the 1900s, the Michelin brothers- Andre and Edouard – were ready to sell some car tyres. Too bad that in France, only 300 or so people had cars! 🚗

The Michelin brothers understood that while car owners were few- motoring as a hobby was gaining popularity 📈.

To serve this market, they brought out the First “Michelin Guide” – a handbook for motorists that provided information on places to visit and things to see while on the road. 🚙🌋🎪

The guide also included Maps & instructions for basic car maintenance. 🗺️🛠️🛞

Their gamble paid off & by 1905, there were many more cars on the road!

The brothers then started selling the guide & even brought out different versions for different parts of Europe, and gained a cult following. 🤷‍♂️

To further enhance the value of the guide, the Michelin brothers got reviewers to visit restaurants and rate them, leading to the creation of the Michelin Star system.🍽️✨

The system gained fame, and the Michelin brothers successfully created a brand that became indispensable for fine food connoisseurs everywhere, in addition to selling more tires than they ever thought!  🛞🛞🛞

Let’s team up to create Business Strategies that can set Your Brand apart! https://www.brandloom.com

🤷🏾 7 Truths About Influencer Marketing – That Big Businesses Like Amazon & Apple Don’t Want You To Know! 

The top companies from various industries such as Amazon, Apple, L’Oreal, Nestle & even AirBNB have already partnered with influencers as a means to reach and engage with their target audiences.

You should join the bandwagon too! Consider these statistics. According to research:

🚩92% of consumers trust recommendations from individuals over brands. (Even if they don’t know them!)

🚩According to Business Insider, influencer marketing in 2022, was worth approximately ~$10 billion.

🚩Businesses get an ROI of $6.50 for every $1 spent on influencer marketing.

🚩The average conversion rate for influencer marketing is 6.7%, compared to 1.7% for traditional digital marketing.

🚩Micro-influencers, with between 1,000 and 100,000 followers, have 60% higher engagement rates than top celebrities.

🚩Fashion & beauty industries spend the most on influencer marketing. Technology & retail take the 2nd spot.

🚩60% of consumers have purchased a product that they first heard about from social media.

BrandLoom has also used this strategy with multiple clients. In 2022, we helped a fitness company 3X its revenues (for online sales) from 40K to 120K+ in one year with influencer marketing & we expect it to further double it in 2023!

If these numbers blow your mind, take advantage of this arbitrage before it becomes commonplace, to grow faster than your peers. 🤯

Let’s team up to rip the competition!⤵︎
https://www.brandloom.com/influencer-marketing

🧲 5 Strategies To CONVERT Your Loyalty Program – Into A Customer Magnet!

Creating a fan club for your brand that sticks to you through the years is what businesses dream of.

A tried & tested way to reliably do this, is using loyalty programmes! But not all loyalty programs work.

We rounded up a list of strategies that can help you design a good loyalty program-

1. Cashbacks 💰 
Customers love the promise of immediate cashback 💵. Make it very easy for customers to redeem their points while making a purchase.

If you make it easy for customers to redeem their rewards, they’ll keep coming back for more.

2. Prompt Customer Service 🤝 
Over half of the customers who stick to loyalty programs say they do so because the brand is prompt with their customer service 🤝.

Almost 70% of the customer churn can be plugged if buyers’ issues are resolved with a single interaction.

3. Mobile-friendly Rewards🎁 
The world is mobile and so should be your loyalty program.

Over 3/4 customers say they are more likely to stick to a brand whose offerings and interactions are mobile-friendly 📲.

4. A great loyalty program = more referrals 📢 
More than half of the customers will recommend a brand to their friends 📢  if it has a good loyalty program.

5. Emotional connection = loyalty 💕 
When customers are emotionally invested in a brand, they spend more.🛍️

Focus on building genuine relationships and appealing to their emotions and your loyal customers may spend 300% more in their lifetime than your average ones.

Let’s Set Up Your Loyalty Program- 😎 https://www.brandloom.com/consulting#business-consulting-services

💀 4 Over-Hyped Marketing Trends : That Are Dead in 2023 (& Zuck knows it!)

In the last one month, we noticed how some trends started to decline 📉; despite many gurus vouching for them in 2022. Well, we have rounded up the things that are definitely not going to be a thing 🙅 in 2023:

1.Advertising in the Metaverse: 
Big brands that experimented with Metaverse reported unsatisfactory results 👎, and most companies have said they will stop their adventures there. Looks like the AR/VR customer craze was vastly exaggerated. Sorry Zuck, we know meta was into it big time.

2. Celebrity Endorsements: 
Gen Z is skeptical of celebrity endorsements. Celebrity endorsements, especially by entertainment or sports stars- are declining ⬇. Gen Z can definitely make out that celebrities don’t actually use the products they endorse, and are rapidly losing interest in what they feel is “insincere” advertising.

3. Very Long videos: 
We have been seeing short videos 📲 become increasingly popular across all social platforms in the last 2 years. And 2023 is the year it becomes an established fact that videos longer than 10 minutes are not going to be on anyone’s watchlist.

4. The Photoshop Effect: 
It’s truly the age of #NoFilter now. Overtly filtered aesthetic and curated feeds are fast going out of fashion. The audiences are connecting more 🤝 with brands that look and feel honest & authentic.

Let’s talk on how to apply this knowledge to your brands marketing & advertising efforts on all channels –
https://www.brandloom.com/consulting#marketing-consulting-services

That’s it for today, thanks for reading.
Yours Sincerely,

Avinash Chandra
Founder,BrandLoom
☎︎ +91-7669647020
✉️ care@brandloom.com

Note: If you want to discuss strategy, just hit reply on this mail.