“Market research indicates that half of consumers said good service would encourage them to stick with a certain brand. The other half mentioned product quality and convenience,” – FastCompany.com
Brand loyalty is a modern concept that has emerged in contemporary markets. Marketing departments and branding strategists stress the importance of brand loyalty in constructing and reinforcing a brand image. Consequently, modern commercial organizations seek to examine the reasons that underlie the phenomenon of customers that remain loyal to a brand. Brand loyalty is important in modern business because it reduces marketing costs, attracts new customers, boosts brand awareness, and offers leeway to businesses when they need to cope with competitive threats. Market observers and industry insiders have put forward many hypothesis and explanations that explain brand loyalty. We shall seek to investigate these factors in the paragraphs below.
Customers that remain loyal to a brand have typically cited product quality and consistency of service when queried on brand loyalty. This implies that consumers and customers that have experienced top quality from a branded product or service tend to patronize a particular commercial operator. We note that a positive experience fuels loyalty to a brand in spite of competing marketing pitches and the multiple brands that pervade modern markets. Loyalty is also premised on the consumer expectation that a brand will continue to offer top-notch product quality in the future. In addition, customers that remain loyal to a brand feel shielded from suspect products proffered by competing businesses. In line with this, brands and businesses should help their customers to establish an emotional connect with a brand. This helps to create a long-term commercial relationship that ensures a steady flow of revenue for a business enterprise.
Engaged customers are more likely to exhibit consistent buying behavior from a particular brand or business. We note that customers that remain loyal to a brand may initially survey the market for commercial offerings and subsequently select one particular brand based on their user experience. In light of this, commercial operators must seek to engage customers at multiple levels. Advertising, publicity, gifts, special discounts, and other devices can create a mass of customers that remain loyal to a brand. In addition, a business enterprise must necessarily offer top product quality to boost the baseline experience of every individual customer. This experience forms the core of positive impressions in the minds of loyal customers. When offered consistently, this experience can translate into animated word-of-mouth publicity that can mimic the outcomes of a high-voltage marketing campaign.
Customer satisfaction and the goodwill of customers remain linchpins in the brand loyalty paradigm. This fact stems from the knowledge that satisfied customers are likely to pay less attention to marketing pitches issuing by rival business concerns. In a similar vein, the goodwill of customers has emerged as an intangible that carries massive heft in modern commerce. These factors power the creation of clients and customers that remain loyal to a brand. In addition, brands and businesses should seek customer feedback with a view to improving brand offerings and reinforcing loyalty among customers. This is a critical factor because new product development enables a brand to remain relevant and contemporary to customers’ evolving needs and changing requirements. Further, brand managers must work to cultivate the goodwill of customers because this intangible creates an indelible image in customers’ minds. These two factors are essential in the creation and sustenance of brand loyalty in the mass markets that typify modern civilization.
Treating the customer right is intrinsic to any approach in building a pool of clients that remain loyal to a brand. Marketing strategists and corporate officers should work to embrace trade practices that boost the standing of their customers. This implies that the interests of the customer should override commercial considerations that hinge solely on driving the profit motive. For instance, modern markets often witness high velocity competition characterized by overt marketing spiels driven by a ‘dollars and cents’ consideration. The aim of such marketing campaigns is to gain the maximum volume of dollars even at the cost of neglecting the customer’s interests. Consequently, brand loyalty undergoes a degradation and customers tend to migrate from one brand to another. We note that such a situation is essentially detrimental to the cultivation of brand loyalty. In light of this, conscientious brands and businesses must present commercial propositions that spotlight the customer’s interest. This tactic should enable them to engender long-term assets such as customer loyalty and mass devotion to a certain brand.
Brand advocacy is critical in modern competitive markets. Every brand and business should work to create brand advocates that evangelize the offerings of a certain brand. We note that this technique enables business organizations to create and expand pools of customers that remain loyal to a brand. For instance, a consumer electronics manufacturer can request its best customers to create a shout-out on social media pages. The appreciation should list the fantastic customer experience and the specific attributes that endear a product to admiring customers. This strategy creates informal brand advocates that attract the significant attentions of social media users. This technique can also amplify the outcomes of formal marketing campaigns and ensure higher sales for said brand. In addition, brand advocacy enables a brand to channelize the voice of the customer to gain meaningful business outcomes.
Special offers, regular discounts, and an expanding array of brand offerings can create customers that remain loyal to a brand. These tactics essentially help a brand to retain and expand its mind share in the public discourse. We note that clients and customers represent fickle entities that are prone to being swayed by innovative marketing pitches designed by market competitors. Therefore, the intelligent brand must deploy said tactics to retain customers’ interest in its offerings. This tactic also implies that a brand must invest in new product development and boost its research and development machinery. That said, we note that discounted products enable a brand to remain competitive, attract undecided customers, and clear inventory at a fast pace.
A range of price points attached to branded merchandise enables a business organization to gain loyal customers. We note that clients that remain loyal to a brand appreciate different price points. This tactic helps a business to attract elite, middle-market, and low-end budgets. This naturally expands the scope of a company’s products and enables it to cater to customers of every persuasion. That said, brands and businesses should also cater to millennial customers because this segment of the market can wield large disposable incomes. Millennials cherish various aspects of a business such as the level of hygiene in grocery stores, ease of contact for commercial airline service providers, and healthy options in restaurants and eating establishments. In line with such preferences, these businesses must cater to the specific millennial preferences so that customers from this segment remain loyal to a brand.
In the preceding paragraphs, we have examined some of the motivations that prompt customers to remain loyal to a brand. This attribute is crucial in modern businesses because it enables commercial operators to retain and expand their market share. Combinations of these tactics empower a business to pull ahead of the competition and to seal its business reputation in the minds of customers.