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.”