Brand Loyalty is Dead
It is said to be that those in their senior years are the only ones who exercise loyalty to brands. It is expected that people in the senior years will more than likely buy the same brand through the years. However there is market research that already disproves this expectation. That is why it is concluded that the millennial mentality has reach those in their senior years and started to affect them as well. But when we pause and reflect about it, the millennial attitude of wanting the best products and customer service is not a bad thing actually.
And if you think further you will think that brand loyalty could have caused companies to be lazy when it comes to different aspects of their business. They used brand loyalty as an excuse to rest on their laurels and not improve. However the attitudes of customers are already changing even among those in their senior years. If they see that you don’t take the effort to treat them better then they will spend their money elsewhere.
Where You Can Still Find Brand Loyalty
There are some things where there is still brand loyalty. One of these is fine jewelry. The other one is in luxury cars. Loyalty for cars is called automotive brand loyalty. People choose to have automotive brand loyalty for cars that show their status in life. They engage in automotive brand loyalty when using the car allows them to maintain their high status. This is the reason why you would be able to find automotive brand loyalty prevalent among the rich. They will not be keen on abandoning their automotive brand loyalty anytime soon as they get satisfaction from the current brand of luxury cars that they are using.
For the rest of the things that are being sold one could safely say that there is no more brand loyalty. You may think that if you have a store one of the ways by which you can inspire brand loyalty for your products is to offer a loyalty program. You may entice them to buy because you offer discounted prices in such a program. But if you look into it by getting info about it you will see that such program rarely meets with success in inspiring brand loyalty. There are people who subscribe to such programs and do not renew their memberships after some time. What this shows is that you cannot use this as your way of sustaining the bottom line of your business.
What does this mean then for the many businesses today? Well this simply means that businesses must continue to innovate to offer high quality products. They must also find news of giving satisfactory customer service.
Brand Loyalty is Dead