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Transcript of Brand Loyalty
The best brand or product
BMW and Apple Brand Loyalty Once you become accustomed to a certain brand, it could be for life
Not only is brand loyalty a buying habit
Brand loyal consumers upset with discontinuations What is Brand Loyalty? Defined: Why are Consumers Brand Loyal? Pricing
Popular products must be good
Boston Consulting Group study
Customer satisfaction Factors Effecting Brand Loyalty Brand Trust
Key factor in developing brand loyalty
Brand characteristics are important
Trust in a brand positively related to brand loyalty
Online Brand Trust
Security and privacy
Passionate about business
Apple’s Loyalty Incentives Effecting Brand Loyalty Incentives
Rewards cards benefit loyalty
Positive Correlation of brand image and loyalty program
Loyalty programs elevates relationship with customers
Barnes & Noble Readers’ Advantage Program Taylor Bettinger, Lauren May, Kyle Pliskin, Dave Swissman Brand Loyalty Consistent repeat purchasing of same brand
A bond between product and consumer that is very difficult for competitors to break
When consumers specified needs are met brand loyalty may be the outcome
Change in life or self- concept to weaken bond
Difficult bond to weaken Pareto Principle and Users also known as the 80-20 rule
80 percent of sales comes from 20 percent of the clients; target these users
Switchers "7 Tips for Building Brand Loyalty in a Discounted Obsessed Market" 1.Keep quality high
2.Engage your customers
3.Solicit feedback from consumers
4.Give them a reason to come back
7.Show your appreciation. “The online shopping trend conditions consumers to only make a purchase if there is a deep discount. The result is a value obsessed economy where consumers have no incentive to be loyal to any particular brand.” Brand Personality and Brand Loyalty Successful Brand Personality key to Brand Loyalty
Consumers won’t be loyal if company doesn’t live up to it’s standards
Brand Personality and affects on Brand equity
Extent consumer is willing to pay more and be loyal to brand Work Cited Duffy, Dennis L. "Internal and external factors which affect customer loyalty." Journal of Consumer Marketing 20.5 (2003): 480-85. Emerald Insight. Web. 10 Dec. 2012.
Gommans, Marcel, Krish S. Krishnan, and Katrin B. Scheffold. "From Brand Loyalty to E-Loyalty: A Conceptual Framework." Journal of Economic and Social Research 3.1 (2001): 43-58. Faith.edu. Web. 11 Dec. 2012.
Goodson, Scott. "Is Brand Loyalty the Core to Apple's Success?" Forbes. N.p., 27 Nov. 2011. Web. 10 Dec. 2012.
Lau, Geok Theng, and Sook Han Lee. "Consumers' Trust in a Brand and the Link to Brand Loyalty." Journal of Market-Focused Management 4.4 (1999): 341-70. Springer. Web. 10 Dec. 2012.
Moorman, Christine, Rohit Deshpandé, and Gerald Zaltman. "Factors Affecting Trust in Market Research Relationships." Journal Of Marketing 57 (2003): 81-101. JSTOR. Web. 10 Dec. 2012.
Soloman, Michael R. Buying, Having, and Being. 9th ed. Upper Saddle River: Pearson Education, 2011. Print. New Products Creating Loyalty The brand has a good cause
Sell the information… not hype
Be a pioneer of the product
Sell on quality not price
Get to know the consumer
Perceive higher risk than goods
Less likely to switch the service
Harder to observe Services: International Differences Brand loyalty differs from country to country
Japan: people worship brands… individual preference is muted
U.K: 60% of shoppers stick with favorite brands
Different in U.S