What is Brand Loyalty?
The loyalty, devotion or otherwise preference a customer has for a brand over others. When consumers become committed and emotionally connected to your brand and make repeat purchases over time, it is a result of consumer behavior and their values.
Loyal customers will consistently purchase products from a preferred brand, regardless of convenience or price because they feel that it is the best solution to their problems. Customers are familiar and comfortable with the brand and trust the product or service will serve them well. Consumers feel that they share the same values and qualities as the brands, which strengthens the emotional connection between the two.
Why is it desirable?
• It develops loyal customers into brand ambassadors – consumers that will market your brand and talk positively about it among their friends. This is free word-of-mouth marketing for the company and is often very effective.
• Cost effective as consumers are more inclined to purchase new products or services and often buy in higher volumes – you are focusing your efforts on consumers who are more likely to buy from you.
How do I build it?
• Keep promises that your brand has made – be consistent, accurate and reliable
• Satisfy a consumer need and satisfy it as best as possible
• Keep in touch with your customers, but make sure it is relevant news or information
• Be easily accessible and available – provide phone numbers, emails, functioning website for customers to contact your business
• Establish an emotional connection with the consumer – for instance, remembering their names quickly builds rapport.
• React and respond quickly to all criticisms and complaints
• Reward your customers for loyalty, for example emailing promotional and discount codes to customers who purchase a certain amount, sharing coupons with fans and followers on social media accounts, creating giveaways designed just for repeat customers.
If you would like to learn more about how to build brand loyalty for your business or have any other marketing queries, contact Deborah from Clarity Marketing on 0411 139 881 or email [email protected].