How to Develop Brand Loyalty?
Creating brand loyalty is an important parameter
to survive in contemporary extremely competitive
world. Below are some aspects that can be
looked at while working on enhancing brand
loyalty:
Creating Sense of Commitment: A critical factor
to be considered while developing brand loyalty
is building a connection between the consumer
and the brand. Commitment can consist of both
attitudinal and behavioral components, and
both of them are equally important.
Many brands also offer brand loyalty programs
to keep their existing customers engaged and
connected.
Ensuring Consistency of Purchases: Businesses
convince potential customers about the significant
advantages their products offer over other
products in the market. It helps them justify
the consistency of their purchase of the products.
Staying on the Toes for Consistent Quality
Offering: Businesses need to focus their energy
on client’s expectations, which if unfulfilled
will lead to clients substituting with competitor’s
offerings. Delivering quality products matching
with customer preferences and tastes is critically
important.
Advertisement and Marketing Plays a Key Role:
Companies who produce quality and reliable
products or services at perfect pricing to
dominate the market space optimise brand loyalty
by advertising these variables successfully.
They can frequently advertise with feel-good
elements, catchy phrases, humour or emotional
appeal or interest.
Advertising the brand and its eye-catchy logo,
along with key features and pricing on different
media and social platforms aid in enhancing
the process of brand loyalty.
Creating Brand Loyalty Towards the Business:
Many times, marketers are seen boosting the
preference given by the customers to their
products over other products. With such advertising
promoting brand loyalty to one of the products,
marketers try to develop brand loyalty towards
the overall company and other products.
Building Loyalty with Customers: It is said
that the way to increase brand loyalty with
the customers is to be loyal to the customers.
Brands which develop solutions to deliver
the right service and support along with the
quality product achieve loyalty from customers.
Satisfactory Customer Service: Marketers often
wonder if it is developing a unique product
enough. In times like these, when one unique
product is launched, within a few months,
' competitors will come up with a similar
product probably with less price and more
features. Hence the brand loyalty now depends
on the services the company offers and how
it communicates with the customer.
When a satisfied customer is engaged for a
more extended period, it creates a connection
between the customer and the company which
is beyond a business relationship. Brands
these days use social media as a platform
to reach out and connect with the customers.
When a consumer shows devotion, bond and commitment
to repurchase and continue to use a brand's
products or services, regardless of the competitors’
products or pricing, companies can be assured
of their success in creating brand loyalty.
How to Evaluate Brand Loyalty?
Time, volume, frequency and price of sales
are quantifiable measures to measure brand
loyalty. While, Customer satisfaction, as
well as an emotional appeal are statistical
approximations that are unreliable most of
the time.
Big data provides statistical information,
but it's not an accurate permutation combination
formula to determine brand loyalty.
Therefore, it is said that brand loyalty is
like an art and not a science.
Below influencing factors are considered while
evaluating brand loyalty success:
Price
Geography
Time spent viewing product ads
Volume of the product at the store shelves
Frequency of the ads shown to the audience
Emotional appeal
These factors do not determine brand loyalty
accurately with merely having statistical
results. There is no such possible cause-effect
analysis of the data as brand loyalty depends
on many vague concepts and variables.
