Has loyalty started to decline in today’s business world? As budgets are shrinking and demands are growing, we often look for the best deal – which often happens to be the least expensive option. But is it going to cost you in the end?
You may feel like you got a steal, but when you don’t invest in business loyalty, sometimes you end up paying elsewhere. The value of brand loyalty tends to exceed the “deal of the moment” in today’s society – yet few acknowledge the payoff. As knockoff and imitation products and services pop up on the market, many consumers are forgetting that sometimes, you get what you pay for. In fact, it indicates a larger societal shift in the way consumers today view the importance of loyalty – in relationships, in jobs, in neighborhoods and hometowns.
But why the change? A change in brand loyalty also reflects the changing definition of loyalty itself. In today’s society, loyalty means sticking with something for as long as it benefits the consumer. In essence, this makes complete sense. Today’s generation has grown up brand-independent, trying out several brands of a product until figuring out what works best for them.
As marketers, it is important to learn how to capitalize on this concept. And the easiest way? Consumer feedback. Knowing what your audience’s wants and needs are in a product is the easiest and most successful way to gain their loyalty. Know the consumers’ desires for quality, price, convenience, and effectiveness, and most importantly, what it is that makes your consumers switch to a similar product from a different brand. Consumers know their brands, but they’re learning to more effectively gauge their own needs and weigh them against what they truly want. Marketing products and services effectively and gaining consumer loyalty is becoming custom-tailored to each consumer. Learning how to market to all those individuals is the next step in successful company loyalty.