This #BoFLIVE event was based on the ‘How to Build Customer Loyalty: A Guide for Beauty Brands’ case study. Click here to read our full analysis.
The pandemic accelerated the adoption of e-commerce, which in turn has opened up more platforms and opportunities for brands to utilise. But even with growing options, building a community of loyal customers must remain at the heart of scaling business models. And to build that community, delivering on the basics is critical.
In the latest #BoFLive, senior correspondent Lauren Sherman speaks with Nell Diamond, founder and chief executive of Hill House Home, Alicia Yoon, founder of Peach & Lily, and Kristy Engels, president of Beauty Strategy Group about how and why customer loyalty is so important in retail today.
While many brands have opted for influencer campaigns to promote products, Diamond argues that word-of-mouth promotion is even more valuable. “So much of [our] growth has been off of personal recommendation,” Diamond said. “We were not spending huge marketing dollars on acquiring customers, it was really what I call a group chat phenomenon… [where consumers were] convincing their friends to buy [products.]”
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