Posted on : 2022-12-02 02:47:22
Article : Good evening, Friday management TASK 219- Brand loyalty goes hand-in-hand with consumers’ emotions. Even if there are competitors offering similar products, in the mind of the loyal customer anything other than their preferred brand would be subpar.
When you ask someone do you have an iPhone or a Samsung? What’s your favourite running shoe? Music streaming service? The answers don’t really matter, but across all these scenarios, it’s common to find consumers who are fiercely loyal to their preferred brands. And this is great. You like what you like. It ensures you get the quality products you expect and it provides your favourite companies with continued support.
It would be great to develop this kind of loyal customer following for your business and every brand marketer strives for such business that brings loyal customers. This loyalty is known as brand loyalty which is the faithful disposition to continuously purchase products or services from a specific company. It doesn’t matter how expensive it is. It doesn’t matter how hard it may be to find, or how many hours they have to stand in line, or at what ridiculous time they have to wake up in the middle of the night to place an online order as soon as there’s a new product launch.
Brand loyalty goes hand-in-hand with consumers’ emotions. Maybe they love the product. They trust it. It makes them feel happy, excited, or rejuvenated. Even if there are competitors offering similar products, in the mind of the loyal customer, anything other than their preferred brand would be subpar, so why even consider it? While at face value, it seems clear why brand loyalty is important, it’s good to keep in mind what makes it so valuable:
Acquiring new customers is five times more expensive than retaining existing ones. If you want your business to be sustainable long-term, you do need to have a strategy to get new customers through the door on a regular basis. However, nurturing your existing ones will keep the money coming on consistently. Repeat customers are already familiar with your brand identity and with your products. They know they love them and are also willing to spend more on them. it’s a lot easier to sell to them during new product launches, as well as cross-sell or upsell when they’re already buying something else. When customers develop a sense of brand loyalty, they're building an emotional connection to a business. Not only do they feel like they belong, they also get excited to represent a company in some way, as a fan and an advocate.
The customer loyalty and brand loyalty look closely aligned from a conceptual standpoint, they are often considered to be interchangeable, but there's actually a distinct difference between the two. Customer loyalty centres on the consumer and the power they have when it comes to their personal spending. Money plays a big factor in customer loyalty. If you're offering the lowest prices and best deals, customers will stick with your company. On the other hand, brand loyalty is achieved through the customer's perception of a brand. How they perceive companies is less about pricing than it is about other important aspects — a company's reputation, the customer's experience they’ve already had with a company, the company's marketing efforts, overall messaging, and much more. These two concepts are equally important and have a major impact on your business as a whole. With competitive pricing and consistent special offers, you can develop customer loyalty. When you can achieve both these levels of (Brand and Customer) loyalty, your customer retention soars.
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