What Is It?
Band loyalty is a term for when consumers generally buy from the same manufacturer repeatedly over time rather than buying from multiple suppliers within the category. It also refers to the degree to which a consumer consistently purchases the same brand within a product class.
True brand loyalty implies that the consumer is willing, at least on occasion, to put aside their own desires in the interest of the brand. Brand loyalty is, for some, ultimate goal of marketing. Brand loyalty is more than simple repurchasing. Customers may repurchase a brand due to situational constraints, a lack of viable alternatives, or out of convenience. Such loyalty is referred to as “spurious loyalty.” True brand loyalty exists when customers have a high relative attitude toward the brand which is then exhibited through repurchase behavior. This type of loyalty can be a great asset: customers are willing to pay higher prices, they may cost less to serve, and can bring new customers to the brand.
Four Types
Marketers have identified four types of loyal consumers:
Hard Core Loyals – who buy the brand all the time.
Soft Core Loyals – loyal to two or three brands.
Shifting Loyals – moving from one brand to another.
Switchers – with no loyalty, possibly “deal-prone” constantly looking for bargains or “vanity prone” looking for something different.
How To Keep It
The image surrounding a company’s brand is the principal source of its competitive advantage and is therefore a valuable strategic asset. Unfortunately, many companies are not adept at disseminating a strong, clear message that not only distinguishes their brand from the competitors’, but distinguishes it in a memorable and positive manner. The challenge for all brands is to avoid the pitfalls of portraying a muddled or negative image, and instead, create a broad brand vision or identity that recognizes a brand as something greater than a set of attributes that can be imitated or surpassed. In fact, a company should view its brand to be not just a product or service, but as an overall brand image that defines a company’s philosophies. A brand needs more than identity; it needs a personality. Just like a person without attention-grabbing characteristics, a brand with no personality can easily be passed right over. A strong symbol or company logo can also help to generate brand loyalty by making it quickly identifiable.
Your Brand
Do you have a loyal consumer base for your brand, your site, your product, your business? If so, are you happy or would you like to increase that consumer base 300%? And if the answer is no, wouldn’t you like to start retaining loyal customers? We at Ninthlink place a special focus on this marketing need, and we’re experts at it. We’d love to talk to you and tell you to make it happen!