The Secret to retaining Customers
What is Brand Loyalty?
Brand loyalty is when a customer continually buys your product or service because they trust your brand. It’s about the positive associations consumers have towards you, even when they have a choice of competing alternatives. Brand loyalty often means that purchases become instinctive – consumers simply know their preferences. A perfect example of this can be seen with competing brands like Apple and Samsung, or Coca-Cola and Pepsi – everyone knows which way they sway, no matter how hard the other tries to persuade them to switch.
Why is Brand Loyalty so important?
Brand Loyalty is a pattern of behaviour – consumers become committed to a particular brand, regardless of price or convenience. It makes them far less likely to switch to a competitor, even when promotions position the competitor brand as the better deal. A base of Brand Loyal customers is the perfect foundation for new product development – they are already invested, already receptive and trust your brand over others.
But keeping your loyal followers is key. Failure to adapt or respond to changing needs can mean a change in perceptions or feelings towards your brand – consumers can feel let down and undervalued and, over time, will consciously shift their loyalty elsewhere. They can be a fickle bunch.
Loyalty is a key element of the Brand Funnel. Brands value their loyal customer base highly. Win them over and you stand to reap the rewards – lose them, and the cost implications can be devastating.
How can your brand generate loyalty?
All markets are highly competitive environments – some brands carry high levels of Brand Fame, some struggle to make themselves heard, and others are hardly distinguishable. To achieve Brand Loyalty, brands focus on consistently delivering quality customer experience and communication – developing a relationship that’s based on trust and preference. It’s about insight – understanding what consumers need and expect and then adapting and evolving to keep up.
Tracking consumers’ perception of your brand is key. It’s why we developed our pioneering BrandVision service. Collaborate with us, and you’ll understand the impact of real vision and insight. You’ll find our expertly designed Brand Tracking research tool allows you to dig deep to unearth the key factors that affect loyalty towards your brand. In essence, you’ll experience the eureka moments that help you to understand what’s making your customers tick. What emotional connection do consumers have with your brand? Are they choosing you over your competitor? If not, why? How and why might this have changed over time?
This data is a key element in brand growth – without it, businesses are left without insight into potential areas of stagnation, gaps in the market, perceptions of their brand or key areas for improvements.
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To chat with us about how our market-leading Brand Tracking Software, BrandVision, can transform your brand, just speak to one of our team.