[Double Jeopardy law] Lower market-share brands suffer from both low purchases, and low loyalty
In the 1960s, sociologist William McPhee coined the notion of "double jeopardy", to describe people's sympathy and tendencies toward certain behaviors.
Its application to marketing is due to the statistician Andrew Ehrenberg who made the "double jeopardy" concept an empirical law according to which brands with lower market shares suffer from both low purchases and low brand loyalty.
In other words, less popular brands not only have fewer buyers, but also have fewer loyal customers compared to the dominant popular brands in the market. According to the concept of "double jeopardy", a dominant brand therefore has the highest percentage of purchase and a greater consumer loyalty to its brand. What is for the popular brand a double advantage, has a negative consequence for less popular brands: it is difficult for them to retain their customers and increase their sales because it is not easy to convince buyers that the quality of a product less sold, is of better quality than a brand recognized by all.
No matter what your product is, you are ultimately in the education business. Your customers need to be constantly educated about the many advantages of doing business with you, trained to use your products more effectively, and taught how to make never-ending improvement in their lives.
As customers, what we crave more than the commodity we think we are paying for is to be understood.
What we want more than a reliable ride to our destination, a comfortable bed for the night, or even a book we can get our teeth into, is to really be seen.
What we want more than responsive organizations is personal relevance.
The value isn't just in the data that businesses collect. What counts is how they use it to make our lives better.
We know that sentences are better than paragraphs. Two bullet points are better than five. Easy words are better than hard words. It's a bandwidth issue: The more we reduce the amount of information in an idea, the stickier it will be. Simple = core + compact Proverbs are helpful in guiding individual decisions in environments with shared standards. Those shared standards are often ethical or moral norms. Proverbs offer rules of thumb for the behavior of individuals. The Golden Rule, "Do unto others as you would have them do unto you," is so profound that it can influence a lifetime ...
Selling is about a transference of emotion, not a presentation of facts.