CHAPTER 3 - Final Thoughts
As I end this personal essay, I would like to highlight a few things.
For one, it is important to focus your marketing instead of trying to serve all people. Secondly, for those businesses that are willing to build their brand and is looking for longevity in their business venture, then target market information is important. You can start by using the statistics that you have, create data and build from there. I am sure that your findings will surprise you.
Thirdly, although normal business operations require market research, special or themed events may require its own research, as it may not attract your usual, loyal customers. Clearly, it might seem too difficult for smaller businesses, but what I have recognised is that just as much as large entertainment businesses can grow and profit in this industry, so too can small ones.
Lastly, it is imperative to build strong brand loyalty in this type of industry, it is almost a requirement for the survival of many businesses and should be the ultimate purpose of each business owner or manager. Let’s look at the facts, the entertainment industry is highly competitive and its market entry is extremely easy for new players to enter the marketplace, on these grounds, building loyalty is essential. Remember, loyal customers, are lifetime customers.
Your loyal customers would always buy your products despite promotion, sale or discount and would recommend your products offerings to friends and family. Therefore, loyal customers act as opinion leaders for your business. In other words, positive word-of-mouth marketing, which benefits your business in attracting more potential loyal customers. Did I mention that word-of-mouth marketing is free? A win-win cycle.
In all, if you have not taken away anything from this personal essay - take away this - Focus on Creating Real Customer Loyalty.