Whether you know it or not, you’re probably loyal to a brand or two. Brands you continuously buy no matter what.
You probably buy from them despite other options, and lower prices offered by their competition. Those things don’t matter to you because you buy your favorite brands for emotional reasons.
Brand loyalty is the dedication people feel towards a brand regardless of options. It’s based on trust.
For example, I love coffee, and I love Starbucks. But probably not for the reasons you think. I don’t care about the status. I don’t care about the company. I don’t even care that anyone knows I go there.
What I do care about is knowing I’ll get what I expect no matter where in the world I happen to be. And, I know they’re going to provide a cool place for me to sit and relax with my coffee.
I know they’ll provide a consistent experience.
I know the coffee isn’t the best. It’s certainly not the cheapest. I don’t care. I love to have somewhere to sit and enjoy my coffee. I love the experience of going to a cool coffee shop. It’s almost as important to me as the coffee itself.
I’ve visited coffee shops all over the world. Some of them sold some of the best, freshest coffee in the world. But no matter where I am—whenever I go to a new coffee shop—I never know what I’m going to get.
Almost no coffee shop I’ve ever visited can touch the experience of a Starbucks. I trust them to provide that level of consistency. So I keep going back.
That’s brand loyalty.
You can do it in your business too
Do you think you could work some of that loyalty-producing consistency into your brand?
Sure you could.
- Is good for sales. Brand loyalists buy over and over again.
- Creates free promotion. Loyalists tell other people about your brand.
Recent studies, however, show mixed results on the current state of brand loyalty.
A recent study of millennials suggests most of them will switch brands for a higher quality product. But another survey showed that 77 percent of people return to their favorite brands over and over.
67 percent of surveyed consumers said “A good reputation may get me to try a product, but unless I come to trust the company behind the product, I will soon stop buying it.”
So despite mixed results, it still seems like being able to trust a brand is important to people.
Regardless of what you do, the advantages of building brand loyalty should be something you’re aware of.
It can help you create more repeat customers, get free promotion, and generate referral business.
You can take a cue from some of the most trusted brands in the world and work a few of their loyalty-building strategies into your own business.