Robert Bloom has established a notable career through innovative sales and marketing strategies for some of the most prominent brands globally. In his role as CEO of Publicis Worldwide, he was instrumental in crafting and executing growth initiatives for companies like BMW, L’Oréal, Nestlé, and TGI Friday’s. Beyond advising firms of various sizes, he oversaw the launch of brands that became widely recognized, including Southwest Airlines, T-Mobile USA, and Theraflu.
“When I stepped down from my position as CEO of Publicis, I never planned on authoring a book,” Bloom states. However, as someone who studies market trends and serves as a business consultant, he became aware of two key shifts: the advent of technology had transformed the interactions between businesses and their customers, and existing literature fell short in providing effective strategies for addressing the needs of empowered consumers. Bloom embarked on a mission to identify the challenges business leaders face and to offer actionable solutions. “My goal was to clarify the intricate issues and make the resolutions universally applicable, enabling any business leader to implement them swiftly,” he elaborates.
In his debut book, The Inside Advantage: The Strategy that Unlocks the Hidden Growth in Your Business, Bloom emphasizes the importance of a company pinpointing its core clientele and inherent assets before devising a sales strategy that effectively links those clients to the company’s offerings. His follow-up book, The New Experts: Win Today’s Newly Empowered Customers at Their 4 Decisive Moments (Sales Marketing)
, unveils methodologies for engaging with today’s exceptionally informed consumers. In this conversation, Bloom imparts wisdom on fostering connections with buyers and navigating sales in an era where brand loyalty is increasingly rare.
SUCCESS: How has customer allegiance to brands evolved?
Robert Bloom: If customer fidelity is not entirely obsolete, it’s certainly on the decline, and this trend has been ongoing for quite some time. Back in the 1980s, 80% of car purchasers exhibited loyalty to a single brand. By 2009, that figure dropped to just 20%.
Consumer behavior has transformed significantly. The influence of technology and the Internet has equipped buyers with infinite information, rendering knowledge as a competitive advantage. Previously, one had to visit a dealership to obtain product brochures, relying solely on the dealer for available information.
Today, the buyer holds the reins of the purchasing process, and there is little incentive for them to remain loyal. They seek superior products or services at more favorable prices.
Customers also enjoy a nearly limitless array of options. This immense power means that if a vendor doesn’t meet their needs, they can easily venture elsewhere. This power shift has fundamentally undermined (or continues to undermine) the concept of loyalty.
What steps can companies take to rekindle customer loyalty?
RB: Loyalty cannot be resurrected. However, businesses can cultivate preference, which is distinct from loyalty. Preference communicates, “I choose you over several rivals.”
Creating preference requires effort. Before recent market declines, sellers found success with minimal effort, resulting in a sense of complacency. Some businesses persist in using outdated sales tactics from when they were in control. Unaware of their precarious position, they risk going out of business if they fail to adapt to evolving customer expectations.
How can sellers nurture customer preference?
RB: There’s a new coffee shop that has recently opened near my residence in New York. Their coffee is exceptional. (Being able to provide a quality product or service is just the starting point.) With each coffee purchased, customers receive a small loaf of cake wrapped in branded paper. People eagerly anticipate this treat, which serves as a tool to foster preference and encourages repeat visits. They also actively greet patrons upon entering the shop. Welcoming someone can effectively cultivate preference.
Consider another example. During my childhood, we often took long road trips. My father swore that Mobil gas stations had the cleanest restrooms. Thus, during our travels, if we weren’t in dire need of gas, he would drive a bit further to reach a Mobil station. The cleanliness of their restrooms created preference in his mind.
Preference can also be established by assisting customers in making informed choices. For instance, if someone intends to purchase flowers for Mother’s Day, a florist can enhance preference by guiding them in their selection through inquiries like, Where will she display them? or What colors does she enjoy? Additionally, advising which flowers have the longest shelf life can align with creating that preference. Even if the customer does not have loyalty to that specific florist, preference is built through the valuable guidance provided.
You foster preference by offering your clients small or significant perks. There’s no need to give everything away. Numerous strategies exist to establish top-of-mind awareness and preference.
What do you mean by urging sellers to adopt the mindset of buyers?
RB: It’s essential to understand your buyer’s perspective. You need to grasp their needs, anxieties, and desires. Listening to your customers is paramount.
Today’s buyers arrive ready to purchase; a decade ago, they didn’t because they lacked access to vital information. Sales representatives had to elucidate how things operated. If a consumer enters a store today and the salesperson starts relaying product features they’ve already researched online, it could offend the customer. Modern consumers come equipped with pre-existing knowledge.
Instead, your aim should be to build rapport. If the customer doesn’t feel positively toward you, there’s a strong likelihood they won’t make a purchase from you. Cultivating trust and goodwill is crucial. Engage in dialogue to unearth their needs. If you pose insightful questions and attentively listen, you will gain meaningful insight into their mindset. Aim to delve into their emotional drivers; rather than launching into a sales pitch immediately, prioritize understanding their perspective.
What constitutes the inside advantage?
RB: Every business possesses a unique internal asset—a strategic advantage. This asset may be obscured or dormant, but it can be leveraged to fuel your business’s growth. Rather than attempting to mimic competitors, search for your distinct offering—your inside advantage.
Does this imply that a business must be distinctive to differentiate itself from the competition?
RB: No, your focus should be on identifying your unique offering; striving for uniqueness can be counterproductive. The goal is to find what is uncommon. Subsequently, it’s crucial to ensure that your core customer recognizes you for that uncommon offering.
Consider this analogy: If all your competitors are gathered around a singular strong table, you want to position yourself apart on a stool, proudly declaring to your core customers, “Choose me because of (your uncommon offering).”
How does this relate to branding?
RB: I am skeptical about the concept of branding in today’s environment. Brands abound, and consumers prioritize their immediate needs over brand identity. It’s far more advantageous to be recognized for your unique offerings than merely for your brand name.
Then the question arises: How can you achieve that? You should aim to be recognized for something, and this doesn’t require substantial funding. Consider what information appears at the end of your emails, on your business cards, on your product packaging, and within your invoices. Start there by communicating what you excel at above anyone else.
