On a per-person level, the average consumer has about three credit cards and a total balance of $6,375, up nearly 3 percent from a year ago… [O’Brien, CNBC Personal Finance, 2/23/18] WHEN SHOPPING FOR THEMSELVES vs SHOPPING FOR SOCIETY’s SAKE • Studies have shown that when consumers shop for themselves, i.e. for the sake of their own indulgence, or are driven by opportunism, they behave more IMPULSIVELY • When consumers shop with a social, sustainable, environmental mindset, their shopping behavior becomes increasingly more selective, or “SURGICAL” EXPERIENTIAL BRANDING/MARKETING https://hbr.org/2012/01/the-genius-bar-branding-the-in EXPERIENTIAL BRANDING/MARKETING The Genius Bar is a place dedicated to providing technical support within Apple stores to customers having problems with the product or application… How does the Apple Store impact the Apple, from a branding and financial perspective? • • • • Sales per square foot is more than $5,000, which is six to ten times other successful retailer The average store pulls in 18,000 visitors a week Provide a way to express the Apple brand and showcase its products No longer reliant on electronic retailers who are unwilling or unable to provide an in-store Apple experience. https://hbr.org/2012/01/the-genius-bar-branding-the-in EXPERIENTIAL BRANDING/MARKETING Why has the Genius Bar in Apple Stores been so successful? • • • • It is branded (“Genius Bar”) It has a personality (what is it?) Staff comprised of ‘Apple devotees’ “APPLE doctrine”: • APPROACH; PROBE; PRESENT; LISTEN; END • Create & Staff Genius Bars & Stores based on in-house technology • Engaging CRM experience • Convert customers into Apple fans It became a venue to reinforce, enhance, and recover customer relationships EXPERIENTIAL CO-BRANDING/MARKETING Following the latest wave of price cuts at Amazon’s Whole Foods, announced Monday evening, Walmart today introduced its own plans to challenge Amazon on grocery shopping through a partnership with Google. The company is rolling out a new voice-ordering capability, Walmart Voice Order, which works across Google Assistant-powered platforms, including Google’s smart speakers and displays, smartphones, smartwatches and more… …The technology works similarly to what was developed for the Walmart-Google Express deal. For example, when a customer asks to order an item, the assistant will know to reorder the customer’s preferred item based on their order history. The assistant will also inform the customer which item it’s choosing and the price point… …Walmart says the new voice-shopping feature will launch to all Google Assistant-powered devices this month, including Google Home, Android and iPhones, smartwatches and other platforms, including those from third parties like JBL or Lenovo, among others… What is brand experience and experiential branding? Brand experience can be thought of as sensations, feelings, perceptions, and behavioral responses evoked by brand-related stimuli The more powerful the experience is, the stronger the brand impression Brand experience also affects consumer satisfaction and loyalty; it allows the brand to sell products at a premium and to create competitive entry barriers Experiential branding is a process by which brands create and drive sensory interactions with consumers in all aspects of the brand experience to emotionally influence their preferences and to actively shape their perceptions of the brand Interactions involve: • communication • brand space
The post How does the Apple Store impact the Apple, from a branding and financial perspective? appeared first on My Perfect Tutors.