Here’s Why You Should Care About Brand Loyalty
Definition: Brand loyalty is the extent to which a consumer constantly buys the same brand within the same product category. It also relates to the fear a consumer has about purchasing products from brands they do not trust. Even if another brand appears to be superior, the loyal consumer will stick to their brand because they believe it to be the best in every aspect.
Measuring Brand Loyalty: Word of mouth, repetitive buying, price sensitivity, commitment, brand trust, and customer satisfaction.
What You Already Know: You’re already aware that these loyal customers are the foundation of your company, and should be treated as such. You also know that they make up a large amount of your sales through their own purchases and their promotion of your brand. You know it’s important, you know that you need it, but how do you obtain and maintain it?
What you need to know:
- Brand loyalty is developed post-purchase. Most companies think it’s the quality of the product or service alone that inspires loyalty from customers. However, brand loyalty is created from easy access and constant innovation. It’s inspired by emotive employees providing stellar service, and a company that clearly lets its consumers know how much they are appreciated.
- Loyalty is developed from consistency. Create a set of company values and stick with them. Set the bar for the quality of your product or service and stick with that too. Customers will continue to come back every time if they know exactly what they are getting every time.
- A sense of community also persuades consumers to stay with a brand. You should make your customer feel that they are participating in something much greater than a transaction.
- Loyal customers not only make you money, but the also save you money. Besides generating profit, they act as brand ambassadors, lessening your marketing expenditures. Additionally, brand loyalty makes launching new products less complicated because you already have a strong consumer base to build on.
- Most businesses only consider the value of a customer over the duration of a single transaction. In the B2B market especially, you must think of their value over the course of a lifetime.
Overall, you cannot place a definitive value on brand loyalty. This is because it’s priceless.
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