brand loyalty - definition
ICLP – the global loyalty marketing agency – is a brand loyalty expert.
Loyalty marketing is specifically concerned with building loyalty to brands as opposed to just brand awareness. There is very little point in building brand awareness if customers don't buy the brand again – brand loyalty is required. Over the last few decades, research has shown us that brand loyalty has decreased steadily amongst consumers. Whilst results will vary, it is estimated that the average consumer today is only 75% - 85% as loyal as previous generations were in the 1970’s & 80’s. So why is this? There are many reasons, of which a few are listed below:
- price competition has greatly increased, affecting brand loyalty.
- choice has proliferated - the number of products within given categories has increased and there is often little to differentiate between the products in terms of quality and functionality.
- it is easier to compare product information these days via consumer magazines, national press and the internet, therefore consumers are able to make a more informed choice and rely less heavily on 'trusted' brand names.
Brand loyalty is a strategic imperative, and as well as understanding the trends and problems facing brand marketers, together with experience across many sectors, ICLP has the solutions to overcome brand loyalty issues.
To find out more about brand loyalty and how ICLP can help your business, please visit ICLP-the global loyalty marketing agency.