A stunning 46% of consumers say they’re more likely to try new brands, as opposed to five years ago.
Who’s changing the game?
It’s the local re-branded mom and pop stores that are burrowing back into the race, the unheard-of ecommerce brands that are conquering their niches, the bootleg brands that are convincingly championing their discounted wares, and the millennials that are bridging the gap from farm to doorstep.
And, though brands realize this, and are doing everything in their power to reverse, or curb customer attrition, they’re often throwing money at elaborate marketing strategies without ever identifying the most important starting point – The Reason.
Why Are Consumers So Quick to Switch Brands?
Almost everyone we know is actively (or not) on the lookout for new brands to try, daily.
So, what’s changed in the last decade? What’s changed, socio-economically, that introduced this new frenzied consumer behavior?
- Rising Income Levels: In developed countries, and developing countries, too, rising income levels and spending capacity have been two big de-risking factors in trying out new brands.
- Spoiled for Choice: In a market where consumers have unfettered access to products and services online, on ecommerce stores, at supermarkets, hypermarkets and farmer’s markets, brands have to constantly vie for the customer’s attention.
- Reducing Brand Halo Effect: What’s becoming evident, is that consumers are much less hooked on to familiar ‘household name’ brands than before, which spells a large opportunity and good news for newer brands, and sends a signal to heritage brands, that the trust ties are giving way.
How You Can Boost Your Brand Loyalty
1. Reward Loyalty
This one’s not news, but it definitely still holds true in 2019!
Never take your most loyal customers for granted.
Keep them happy. Keep them coming back for more. Keep reminding them why they picked your brand in the first place!
But the kind of loyalty program you pick, and the way you execute it, are as important as having one in the first place. Many brands have tried, and failed, to craft a truly successful loyalty program – but a industry leading, insightful agency could help you with that. You could also get inspired by Starbucks, American Express, Marriott, and others, that have some of the most successful loyalty programs in the world.
2. Morally Align With Your Customers
A good number of consumers now, are likely to boycott or replace a brand, if their company values and messaging are not in line with their own. A further multiplier to this, is that 24% of global consumers are reviewing products across broader ranges than ever.
3. Don’t Skimp On Your Research!
The current customer demographic is wildly changing on all fronts – habits, spending power, political views, environmental consciousness, lifestyle choices, and more.
Stats and findings that may have been the basis for all major marketing tactics, and held true for decades, are now collapsing. Just a few interesting facts –
- For the first time in a century, more millennials are now choosing to live with their parents
- Consumers now crave more face-to-face interactions. They crave purpose and community.
- 88% of consumers say they’re more likely to shop from retailers that deliver personalized experiences
- It’s not enough that you’re on the bandwagon of selling ‘authentic experiences’, brands now have to ‘prove’ their authenticity
So, you see, just ‘selling’ the USP of your business, isn’t going to cut it, anymore. Instead, you need to repurpose your brand, to assimilate the specific experiences, missions, and visions of your customers for them to see your value.
Start Reimagining Your Brand’s Potential, Today!
TOMS Shoes is pioneering social entrepreneurship in ecommerce.
Rogers Communications created a Facebook Messenger chatbot for customer service.
Visit Indy got an impressive 3x click-through rate on Facebook ads with persona-based UGC videos.
The balance lies in embracing change to stay relevant in the current landscape (like the brands above), and partnering with the right agency that understands your brand, your potential customers, does their research, and knows how to deliver killer strategies.
For a seasoned full-service marketing agency that consistently breaks through barriers to get your brand on top, visit XYZ Marketing today.
Focus Keyword(s): brand loyalty
Secondary Keywords (WordPress Tags): brands, marketing, consumers, strategies, customers
Meta Title: Destroying Disloyalty – How to Inspire Brand Loyalty in 2019
Meta Description: Understanding changing customer habits and patterns in 2019’s marketplace, to reinforce Brand Loyalty