Have you ever wondered why brands like Apple, Nike, and Coca-Cola maintain their reputation? How they’ve successfully kept themselves relevant for years? You could say it’s due to their huge advertising budget. Or their impressive product and service delivery.
If you carefully analyze, you’d realize that it all depends on these top brands understanding their customer’s needs. These organizations evolve by constantly finding consumer problems and proferring solutions. This is why it is easy for these brands to build loyal followership. And why existing customers will stick to a brand and are open to trying new products.
The Original Definition
Brand loyalty is a customer’s positive disposition towards a brand or product. Loyalty refers to a consumer’s dedication to repeatedly purchasing a product, irrespective of flaws. Since the covid era, brands have had to adjust to accommodate e-commerce. The way customers view a brand and choose to shop exclusively with one over others has changed.
As a marketing concept, brand marketing has evolved in the last few years. Consumers are more knowledgeable and know there are multiple options, thus raising the bar. Consumers are more self-aware and emotional, forcing businesses to be more customer-centric. Here’s how you can leverage the changing behavior to increase brand loyalty.
Consumer expectations are changing towards brands they’re willing to support more than ever before. Research shows that 75 percent of consumers in the U.S. have changed their shopping behavior. Customers now prioritize digital capacity, convenience, safety, and speed. The lockdown has had a tremendous influence on redefining consumer choices.
The pandemic has made people see the benefits of delivery services, and there’s no turning back. Retailers now have to factor in a logistics system to compete effectively. Brands that have shown concern and prioritize customers’ health in their dealings have won new converts. Also, consumers now listen more to user reviews rather than believe the brands.
Consumers now make purchases that reflect their identities and their ideal self. People who are environmentally conscious deliberately take that awareness into their purchases. Favoring products that reduce waste promotes recycling and clean air. Brands need to focus on consumer values if they intend to cement loyalty.
Going Above and Beyond
The increase in market competition has also raised customer expectations. There are more options, and customers expect to be treated like kings. Customers expect brands to know who they are as individuals, and every interaction should reflect this knowledge. Businesses can no longer afford to generalize communication to customers through the buyer’s journey.
Customers want to see that brands genuinely care, especially through quality customer service. Studies show that impressed customers spend 140 percent more after a pleasurable experience. Quick resolution time also makes them feel appreciated. Consumers also expect brands to go overboard by providing easy-to-use platforms and a simple sales process.
Companies now have to leverage data analytics and customer relationship management tools to tailor their communication to suit individuals. Businesses can now predict and meet customer needs in an ever-changing environment. Businesses can take better decisions by personalizing the user experience and improving customer experience. More importantly, it allows brands to stay ahead by predicting future trends.
The Attainable Factor
No matter how much consumers evolve, value perception largely will depend on affordability. Businesses need to have various price points for products. Some consumers can afford higher-cost items, while others can only show their loyalty in more affordable ways. Hence, serving a broader consumer group.
A typical example is phone brands. Most highly successful models have lite, standard, and pro variations. This makes it possible for customers to purchase the same product across multiple price spectrums. This strategy also works across varying products.
While customers might not purchase high-end brand products, they might be more disposed to buying a custom tote bag, hat, key chain, etc. In other scenarios, custom tote bags can serve as a wonderful brand awareness tool for small businesses. To increase brand loyalty, you can use them as gift packages during festive seasons.
You need to define your customer’s expectations to stand out as a unique organization that builds brand loyalty. Have a system to check in with clients periodically. Assumptions can be very dangerous. Then measure how your performance against your client’s expectations.
Follow the Trend
Companies can’t afford to treat business operations as usual. The dynamics have changed, and businesses need to get with the program. To sustain brand loyalty, you need to identify your business’s unique selling point and customers’ expectations. Focusing on dynamics like digital capacity, safety, speed, and convenience.