BrandKnew September 2013 June 2014 | Page 40

Consumers are fiercely loyal to two brands per category: MasterCard exec Sarah Jones MEXICO CITY, Mexico – Consumers only shop with one or two favorite brands per category, turning to them for familiarity and ease, said an executive from MasterCard Advisors May 13 at the FT Business of Luxury Summit. Knowing how this loyal audience is spending, including understanding who else they are shopping with, can help brands understand and better market to these consumers. However, even with the importance of data and customer relationship management, a lot of brands have a CRM system that is lacking. “Most people’s CRM databases are not very good,” said Sarah Quinlan, senior vice president and group head for market insights at MasterCard Advisors. “Even if you ask me at the counter to give you my email address, I’m not doing it. You have to develop a relationship. “You’re a luxury brand,” she said. “I’m in there taking my time looking at the uniqueness of your goods. So you need to really figure out how to get my details out of me.”