Byron Sharp, best selling author of “How Brands Grow” challenged the conventional wisdom surrounding brand loyalty, purchase frequency and market share growth.
He has proven that light/infrequent buyers are really the secret to growth.
Sharp’s first law is that brands can’t get bigger on the back of loyal customers. Applying a statistical analysis to sales data, he demonstrates that the majority of any successful brand’s sales comes from “light buyers”: people who buy it relatively infrequently. Coca-Cola’s business is not built on a hardcore of Coke lovers who drink it daily, but on the millions of people who buy it once or twice a year. You, for instance, may not think of yourself as a Coke buyer, but if you’ve bought it once in the last 12 months, you’re actually a typical Coke consumer. This pattern recurs across brands, categories, countries and time. Whether it’s toothpaste or computers, cars or banks, brands depend on large numbers of people — that’s to say, the masses — who buy them only occasionally, leave long gaps between purchases and buy competing brands in between.
Salons need to re-think the prices charged for single session spray tans – the more reasonable the price, the more likely 1st time and ‘infrequent’ buyers will spray tan – and, according to Byron, the more likely your business will grow.
If you’d like to discuss ideas to build a bigger and more profitable spray tan business – connect with your VersaSpa representative at 888-974-9977.