Creating Brand Loyalty – In simplest terms, brand loyalty means to build a strong base of customers who will keep returning to a business because they feel confident in the company’s products and services. They believe the business delivers on or even exceeds the claims featured in its advertising and promotional materials. These repeat customers are also likely to recommend the given company to their friends, family and acquaintances. Building brand loyalty involves a certain company becoming the first thought a customer has when he or she is trying to solve a specific problem. A business with a great deal of brand loyalty reflects the owner’s and manager’s sustained efforts to always meet customers’ needs and wants.
Creating a brand strategy is considered both an art and a science; it requires expertise in marketing, promotion, advertising strategy, applied statistics and target audience research. As a general rule, the more details a business owner knows about his or her target customer base, the easier it will be to develop strategies for building brand loyalty. Studies have revealed that it takes at least five times the effort, time and money to find new loyal customers than it does to retain existing ones. In today’s information age, brand loyalty also hinges heavily on a business’s online presence
How Brand Loyalty is Created – In order for customers to keep returning, a business owner needs to instill awareness, excitement and confidence in the business as a brand. The first goal of building brand loyalty is to get customers passionate about a product or service they believe they wouldn’t be able to find anywhere else. A second goal involves further proving to these customers that they’ve made the best choice each time they make a new purchase.
Positive customer interaction is essential for maintaining brand loyalty, and it needs to be part of every transaction with each loyal customer. This aspect of building a brand strategy is one that marketing professionals sometimes overlook. One effective method is to create brand stories that connect these products to customers’ common day-to-day experiences. This tactic further illustrates how a business’s products can make loyal customers’ lives a bit easier; it also gives them more concrete reasons to keep returning for future purchases.
Why Brand Loyalty is so Important – A solid and adaptable brand strategy that builds customer loyalty is vital to any business’s long-term success. Companies that maintain strong customer loyalty are those that live by their founding principles and that place their customers’ satisfaction as the top priority. Brand loyalty is important for any business owner who wants to continue building both customer bases and future profits. Strong marketing brand strategies, continuing customer engagement and high-quality products are all vital components of consistent brand loyalty.
Businesses that are able to quickly adapt to customers’ changing needs and preferences are also able to build strong brand loyalty. While brand strategy takes time and expense, the future increased profits are worth the effort. A business owner with a solid marketing and creative partner has great chances of success. Focused and well-executed marketing plans along with strategic design work are core components of successful brand loyalty.
(Bloomberg) — Bond Brand Loyalty CEO Bob Macdonald discusses brand loyalty strategies and economics on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)