According to him, brands lost their attractiveness, were focused only on sales and no longer met customers' needs. As a result clients started going to whoever had the lowest price. Roberts suggested moving from brands to Lovemarks.
The main idea: It’s not enough to sell good products and services. You need to create a special emotional connection with consumers. You need to become part of their lives. When you do this, people become loyal to companies' drawbacks and. even during crises, Will not switch to cheaper competitors.
The numbers in favor of this concept:
People use Lovemarks an average of 119 days per year. They use brands they simply respect only 26 days per year.
35 companies with Lovemark qualities had a ROI of 1025% (1996−2006). In comparison, the S&P 500 (which tracks top US companies) had only 122%.
76% of consumers are more likely to buy from a brand they feel an emotional connection with.
The Russian market reflects this trend too. According to a NAFI study , the top
five favorite brands among Russians are Samsung, Yandex, Sber, Ozon, and Adidas. These companies stopped being just sellers of products and services long ago. They became part of customer’s everyday life, their habits and emotions. And that is why these companies hold their leading position on the market, even when competitors offer lower prices or discounts.