If you regularly consume digital, social or TV media then you will most likely have come across the new Aviva Plus campaign focused on brand loyalty in recent weeks.
This is part of a project to rebuild trust in the insurance space by launching an industry-first subscription-based product. In an industry that they admit has failed to reward existing customers, the new model will now allow their existing customers to pay monthly at no extra cost. They will also remove petty charges for policy changes and cancellations. More reasons for brand loyalty to Aviva.
By focusing on product features such as simplicity and flexibility along with ensuring recurring customers get the same deals as new customers, they are addressing numerous pain points and current customer challenges.
This came as no surprise to the bolt team; being a process that we are so passionate about.
The brand loyalty flywheel
No longer is the traditional sales and marketing funnel useful. Having to constantly focus on customer acquisition whilst losing would-be advocates of your brand isn’t cool. It requires more investment, time and resources that could be spent on those that have already spent on your brand! This is why brand loyalty is such an important part of your marketing mix. What are you doing to keep your customers?
Building brand ambassadors, developing trust, word of mouth recommendations and brand ambassadors through delighting your customers is. This is why we focus on the flywheel model, that puts customers at the heart of your growth. They can build more momentum that continued filling of the funnel ever will.
In a social selling era, you can never have too many of them either.
Kudos to Aviva, trendsetters in this instance. I have no doubt that others within Insurance will follow suit as more wake up to the need for brand loyalty. The flywheel is still early in its adoption in certain industries, but definitely not a new way of working.
If your market is still not savvy to it, now is the time to pounce. Change your way of thinking – social proof for the win.