Brand loyalty is defined as when consumers continue buying products and services from the same brands rather than other brands in the same product category. Would you consider yourself loyal to any brands? According to a survey conducted by Wikibuy, over 40% of American customers do.
But what motivates people to be brand loyal? How can you persuade a consumer to first try your product, and then make repeat purchases? Is it just luck, or are there things your business can do to almost guarantee brand loyalty? The answers are in the survey responses…
Product quality, according to 40% of consumers, is the most important factor in keeping brand loyalty. After all, even with exceptional service and values, a brand isn’t much without a good product. In fact, nearly a third of customers would switch brands because of a poorly made product.
Other things that play a role in maintaining brand loyalty include price, customer service, brand ethics, rewards/deals and convenience. Having just one or two of these things will only propel your business so far. However, integrating most (if not all) of these aspects with an exceptional product will render your brand a consumer favorite.
Please include attribution to https://wikibuy.com/ with this graphic.
Furthermore, fostering brand loyalty in your current customer base spurs an increase in sales. Just over half of consumers reported that they recommend products and services from their favorite brands to their friends and family. This is one of the easiest and cheapest ways to acquire new customers! What’s more, one out of every four people will buy different products and services from the same brand, specifically because of the brand.
With a little more effort, you can increase your company’s profit margin. Instead of seeking new target markets, funnel the majority of your resources into keeping your customers loyal. They’ll do the rest of the work for you.
Author – Luke Fernandez