In a world where the variety and availability of products is almost overwhelming, building and maintaining brand loyalty can help your business stand out and thrive.
Simply put, brand loyalty is a consumer’s increased likelihood of purchasing from a specific brand due to a positive customer experience with or perception of that brand. Most consumers will continually give their support to a brand that has maintained their trust over time.
Strong brand loyalty affects consumer behavior by reinforcing buying habits, building emotional connections, increasing engagement, and driving brand recommendation.
Reinforcing buying habits
In most product categories, consumers purchase items based largely on habit. Most customers make repeat purchases, despite competing alternatives. If a product fits their needs, they’re not interested in finding or experimenting with another brand. Discovering and trying a new product takes time and energy, and increases the chance of being disappointed or wasting money on an inferior product.
In addition, to repeat purchases, the majority of consumers will purchase new products from a brand they already trust and love. Customers hooked on one product are significantly more likely to purchase other offerings, thereby increasing your revenue per client.
Price vs. Preference
Loyal customers will continue to purchase from the same brand regardless of price or convenience. Two of the biggest factors influencing consumer behavior are sensitivity to price and preference for a specific brand. Brand loyalty is a strong enough force that price is a less-significant factor. Even when prices go up, brand-loyal customers will pay the increased price because they trust that they are still getting value for their money.
Building emotional connection
Customers who feel valued and appreciated are more likely to be brand-loyal. This is why brands put such an emphasis on customer service. Taking care of your customers before, during, and after the sale is the best way to build positive, long-lasting customer relationships.
Aside from feeling valued and appreciated, consumers often purchase from a brand because of how it feels to be associated with that brand’s image. Brands with social and cultural influence pass some of that influence on to the customers who purchase their products. And once that image becomes a part of their own identity, they act as brand ambassadors, recommending the brand and increasing its influence and reach organically.
Brand-loyal consumers are more likely to engage on social platforms, participate in events, join loyalty programs, and respond to surveys. These systems for customer feedback and engagement not only aid in tracking consumer sentiment but also help customers feel heard and valued, thereby strengthening the relationship and increasing loyalty.
It is well-established that word-of-mouth is one of the most valuable forms of marketing. It’s the form of marketing that consumers trust above all others and is the most likely to drive sales for your business. It’s simple: happy customers share their experiences with others. Additionally, most consumers will highly recommend a brand they feel emotionally engaged with, their love for a brand can greatly influence family and friends’ consumer behavior. With social media, this influence can be far-reaching.
The changing consumer landscape
As the way we purchase goods and services evolves with technology and innovation, brand loyalty is becoming more difficult to establish and maintain. With increased access to information, modern consumers are more likely to research and compare competitors’ products. And with the ubiquity of social platforms, consumers are sharing their brand experiences more often and with further reach.
Keeping up with technology and innovation requires technology and innovation. Continuous, real-time monitoring and research are needed to measure consumer sentiment and identify trends. At DropThought, we believe that feedback is the single most important aspect of growth. We’ll help you take the guesswork out of feedback. Explore how it works, or request a demo today!