You must have already experienced some of your friends or colleagues recommending you a particular brand when you are about to buy a new product. If you are a shop owner, you must have seen that some of your customers are sticking to a particular brand even when competitive brands are providing better prices. Such phenomena is called brand loyalty.
Brand loyalty programs help your brand to retain and develop a loyal customer base and help in business generation. By having a loyal customer base, a brand is able to sustain the fierce brand battle and can win the rat race in the long run.
Brand loyalty is a faithful attitude of customers towards a particular brand even while getting competitive rates from other brands. A loyalty rewards program can generate loyalty towards a brand, but a product and service must maintain quality to retain loyal customers. It not only depends on choosing your brand over others repeatedly. Rather it is more involved in creating a good brand image so that your customer doesn’t hesitate to recommend you to others and can act as a brand advocate.
Let us have a look at the factors that creates an impact on brand loyalty
Factors That Affect Brand Loyalty Programs
Brand loyalty programs are there to enhance customer retention, but as we said earlier, a variety of other factors can actively or passively affect brand loyalty. These are described below.
1.) Quality of the product/service:
Customers will stay loyal to your brand as long as they are satisfied with your product or service quality. To ensure customer loyalty, you need to provide high-quality services
2.) The Image Of Your Brand:
In a study, it has been revealed that customers stay loyal to a brand when they get a friendly and supportive attitude from the company. Therefore a brand that maintains consistent brand equity helps the customer to stay loyal to their brand
3.) Addition Of Value:
As a buyer, a customer will always judge the product or service value as per the amount they are about to pay. So once they feel that your product adds value to their purchase, it creates a sense of loyalty in the customer’s mind. You can increase or decrease the value by using a loyalty rewards program.
4.) Competitive Product With Low Cost:
It is a very important factor that affects brand loyalty. If a customer gets an identical product or service at a low price providing equal value, then there are high chances that they will switch the brand. So, keeping the price in a competitive range is important.
5.) Product/Service Availability & After Sales Support:
Product availability is important while a brand is trying hard to build a market image. If a customer doesn’t get the product while enquiring, then in most cases, they prefer to purchase products from competitive brands, and as a result, a loyal customer will be lost. So make sure that products are available in the focussed regions.
6.) Psychology Of A Customer:
To build up a brand image or to get the best customer loyalty, a brand needs to understand the psychology and buy nature of a customer, and that is why it is often noticed that good products fail to impact customers due to the lack of understanding of customer’s psychology whereas poor products have a fan base
Therefore to create a positive brand value, it is important to understand and consider the above mentioned factors. These factors are essential to creating an effective marketing strategy and building an efficient brand loyalty program. To generate a positive brand image among the masses. For any queries or questions, you can connect with LetsVerify, as they are one of the reputed organizations providing brand management & solutions to countless companies from various domains. For more information, you can drop an email or a message.