Health & Fitness

A Simple Plan:

The Death of Brand Loyalty
It is said that brand loyalty only belongs to those who are in their senior years. This means that your grandma and grandpa can be expected to use the same brands through the years. However in recent market surveys this is not the case anymore. Because of this it is thought to be that the millennial thing of switching brands is spreading among the baby boomers. 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.
If you continue your reflection you may even be able to come to the conclusion that brand loyalty is what enabled businesses to be lazy about their affairs. It is what allows them to rest on their laurels so to speak. However the attitudes of customers are already changing even among those in their senior years. They are more prone to buy something if they are satisfied with product there and the customer experience as well.
Where Brand Loyalty Remains
You can still be able to see brands where there is brand loyalty among its customers. One of these is fine jewelry. The second one is luxury cars. There is still automotive brand loyalty for luxury cars. The reason why people have automotive brand loyalty is because of status. They engage in automotive brand loyalty when using the car allows them to maintain their high status. That is why it is common to find among the rich and famous automotive brand loyalty. It will be hard for them to shy themselves away from automotive brand loyalty because the luxury car brand that they have been using has been satisfactory for them.
For the other things that are sold in the market brand loyalty is in the demise. Maybe you are thinking that you could reverse the tide in your business by giving a loyalty program to your frequent customers. Maybe your loyalty program will consist of ten percent off from the regular price. But you should know that such kind of programs do not work anymore. People may subscribe to this at the start but they often would choose not to renew being members of such a program. This means that you simply cannot rely anymore on brand loyalty as the source of you continuing sales.
So what does this mean for businesses when consumers are not prone to brand loyalty anymore? Well this simply means that businesses must continue to innovate to offer high quality products. In addition they must continue giving excellent customer service.