Building customer loyalty in the event of a disaster
Are customers loyal to brands despite a radically changed market landscape and significantly reduced purchasing power? Can brands still rule the world?
Whatever reservations you may have – with or without a conclusion, customer brand loyalty is still considered the holy grail of customer relations, and therefore marketing success despite the pandemic. We want loyal customers because they don’t have a strong connection to our business and buy more, sometimes even willing to pay extra, but also because they are inclined to become real brand advocates.
This is the theory. But how loyal are customers in today’s market environment? And can you even be loyal to a brand or a company? After all, the word loyalty implies a sense of loyalty, dedication, passionate belief, adhesion, trust, commitment, conviction, a lot of emotion, allegiance and / or even devotion.
Can we be or have loyal customers in this sense? And what about the fact that customer loyalty has clearly declined due to very low economic sentiment, certainly among so-called digital customers – those who tend to use digital platforms and tools the most, as we do? will see later in this overview?
In the rush of business necessity and the desire to meet quarterly financial demands, branding has become less about solving specific needs in a sustainable manner – and more an attempt to quickly create new sources of revenue by promoting solutions for needs that exist or not. to exist. This is doomed to failure because it does not support lasting and meaningful engagement. This is “marketing moment” – and it will not allow you to be a part of the reality and experiences of your consumers. “
The “marketing moment” does little to build a brand or give consumers permission to interact with them. Brands must have a purpose in producing goods and services that improve the lives of consumers and improve the quality of life.
With today’s savvy consumer, it’s imperative that brands focus on how to better interact with them, build stronger relationships, and ensure that those relationships generate trust and meaningful engagement at home. over time.
Covid-19 has made some industries redundant, others much less in demand, but at the same time it has developed several other industries such as telecommunications.
When markets go down, one of the main ways to keep gross profits is to maximize margins where brand building would remain the only way.
Consumers are no longer loyal to the brand. They can be true to the engagement experience offered by a particular brand. Once the experiential elements of brand engagement disappear, in many cases, the emotional connection consumers have with the brand that provided them with that experience disappears.
We live in an experience-driven world. Consumers are drawn to experiences that give them the stimulation they seek. People have become sensitive to how they spend their time and what prompts them to do so. If a brand focuses more on selling its products / services to consumers rather than finding ways to creatively engage with them and meet a need, its brand will be short lived.
You don’t have to look any further than your own family to find out it’s true. It’s a lesson we learned during the pandemic.
Consumers today find it difficult to trust a brand’s intentions. They want to know what a brand stands for and what they value and they want that brand to experience it every day – in everything they do and how they do it.
If a brand is synonymous with quality, a consumer expects it at all times. When brands start to cut corners, quality suffers and this is reflected in the taste, smell and feel of a product – and that’s when the consumer starts to feel looked down upon.
Based on the experience over the past two years of the pandemic-ravaged world, the current environment offers an unprecedented opportunity for these small businesses to compete with their more established rivals for exposure, spirit sharing. , product testing and market share with a new and larger base of potential customers.
In this article, we share our research findings on the percentage of consumer purchases vulnerable to substitution and how brands can rethink their customer value propositions in uncertain times.
Act quickly and create the future today.