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Customer loyalty towards Brands is on the wane.A customer wouldin earlier times stick to a particular product for years on end but now does not think twich before switching to a new product. What are the factors causing this new shift and what counter measures can organizations take?
True,consumers have becoming increasing fickle towards brands, but if you reward your customers for their repeat business, you will see a return on those benefits. Many consumers will do research online and compare your product to those of your competitor before making their final purchase. The most attractive reason for a consumer to switch brands is pricing and superior product offering.
No that is not true. Even in this dynamic global business environment, brand royalty is still one of the most treasured assests of a business. If a customer is practicing brand loyalty, it means its either it is a high quality, unique & highly performing or there has not been any other development of a better product in the market
At my last company, our slogan was "The brand promises, the experience delivers" which meant, essentially, that the brand is what people may "off-hand" connect with, but it's ultimately the experience inside the store/over the phone/with the product that will cause them to return to the store or not.
So the brand is still very important and helpful. That is why many companies, big and small, still invest a lot of money into their brands because brand recognition DOES matter.
Customer Loyalty, on the other hand, is swayed by many factors - product quality, price, delivery-time, and of course CUSTOMER SERVICE. Make sure that your customer is always satisfied with your service and they will remain loyal to your brand.
