Brand Loyalty Introduction
In today’s age, brand loyalty is a crucial aspect of building a business and retaining customers in the long term. Strengthening a relationship with your consumers and controlling how they perceive your brand is essential when competing with other brands.
According to a Loyalty Lion article, you are 70% more likely to sell to an existing customer compared to the 5-20% likelihood of selling to a new consumer.
In this article, I will start with the basics of building brand loyalty with some simple steps. Understanding brand loyalty and why it is essential will help solidify our foundation. We will discuss how social media plays a vital role in shaping this loyalty, including how to follow trends and rising platforms.
What is Brand Loyalty
Brand loyalty is when a consumer engages in the continuous purchase of a specific product even with there being alternatives in the market. More specifically, this important tendency describes a customer’s commitment over time to keep purchasing the same brand and is not dependent on price.
This dedication and engagement with the brand drive profit and revenue, allowing a business to grow from repeated purchases and customer referrals.
Harvard Business Review has reported that brand loyalty and customer loyalty help revenue grow 2.5 times faster than other market research metrics and deliver 2-5 times the return to shareholders in the long run.
Why is Loyalty Important
In a time when new brands and ventures are rising, it is more important than ever to have loyal consumers that come back to your business. Having people come to your brand signifies trust in quality and service compared to your competitor.
Since price is not considered, a company can rapidly grow if they have substantial brand loyalty. Consumers insist on buying your product and go through the extra effort to find it.
Word of mouth is also a powerful tool with brand devotion. Your brand can quickly grow and expand when returning customers recommend you to their friends.
Because they trust in your ability to satisfy their emotional and physical needs, many will feel strongly about your product and encourage others to purchase it over other alternatives.
In most cases, much of the relationship between brand and consumer is based on one thing: trust.
Take Apple, for example. Even though other companies like Samsung and Huawei have released phones with more advanced technology or specific functions that are better than the competing iPhone brand, millions of people continue to return to Apple when purchasing hardware despite the high price tag.
Small businesses or independent entrepreneurs may be intimidated by brand loyalty, but it is even more important to prioritize this trust between their company and consumer. You do not have to be a huge, advanced company when building brand loyalty.
Being unique and satisfying the needs of their audience will lead to brand loyalty if executed successfully.
How to Build Brand Loyalty
Brand loyalty results from various marketing tactics, including designing effective brand strategies, analyzing buying trends, pursuing further innovation, and prioritizing customer service.
As daunting as this process may seem, every company needs to start somewhere with loyalty. And that would be with quality. Consumers will always reject low-quality products or services, no matter how big or small your brand is. No one likes faulty things that do not last long.
Investing in the best quality will benefit in the long run. Again, with word of mouth, many consumers will recommend your good to more people once they realize your brand satisfies their needs.
Focus on what your brand does best. Avoid starting new projects just to follow trends. A brand should use its time and resources on something that has proved successful.
Consumers will be attracted to this as your goods and services may be different and more effective than other alternatives they have tried. Sticking to one thing makes your brand more identifiable and gives consumers something to remember you by.
A loyalty program can help ensure that your customers return and stay loyal to your brand. Offering discounts or incentives through a program may seem expensive, but again, marketing to old customers proves more effective than new ones.
Many consumers love rewards, so having a loyalty program that offers coupons or store credit can fortify brand loyalty.
Customer service also significantly increases brand loyalty. Brands become memorable when the service and help they provide are memorable and satisfactory.
Although it may seem like a hassle to answer calls, hire support staff, install 24/7 chatbots, or use live agents to answer questions, the returns are always significant in the long run.
Valuing the customer shows how the brand puts them first and establishes trust between the two parties. Excellent customer service also expands and strengthens your customer base.
Brand ambassadors are a business idea slowly saturating the market for its continued success with brand loyalty. Many loyal customers will automatically act as brand ambassadors since they provide free word-of-mouth to your brand, but having paid professionals with solid marketing backgrounds will attract more consumers and build loyalty.
Many brand ambassadors already have an established and well-known platform, so many people look up to them for inspiration. By hiring these ambassadors, your brand can reach more people and build more meaningful relationships, leading to more profit and business improvements.
Using Social Media to Build Brand Loyalty
Social media is one of the most powerful tools in building brands and brand loyalty in this digital age. Studies show that 60% of consumers have been influenced by social media or blogs when shopping in stores.
Connecting to people in a meaningful way allows them to come back to you, and social media provides you with the perfect platform to showcase your brand.
The reason why social media is so powerful is because of the social aspect. Being able to communicate with people all through a digital platform is something that can help all businesses grow.
Even though this is repeated constantly and emphasized everywhere, communication is vital. It is critical to build your brand’s loyalty and establish trust between your consumers.
But how do you effectively do this? Simple. Be responsive and take in customer feedback.
Being responsive and attentive to your followers can help enhance brand loyalty as it shows how much you care about your audience’s opinion. While replying to everyone may be difficult, engaging with as many people as possible is something every brand should follow. According to marketing charts, 72% of millennials are more likely to be loyal to a brand if they respond.
Using user-generated content is another effective way to increase loyalty to your brand. People who post your brand enjoy the product or service you offer and want to share it with others. Take advantage of this opportunity. This helps other consumers know that you are a reliable and trustworthy brand that others enjoy.
Also, reposting on your page may inspire other people to post your content to be featured. Most people these days love to be recognized by brands, and it gives them the satisfaction that you are actively listening and engaging with their posts.
Finding your voice on social media is vital in creating and enhancing brand loyalty.
Chipotle is known for using humor in its posts. Starbucks is known for its quirky and quick responses. Apple has a mysterious vibe that always reels people in. Creating a voice related to your brand and using it frequently will help build brand loyalty and establish yourself on social media.
We recommend that you read our blog article on full-funnel marketing strategy, where you’ll learn how to nurture your cold audience into paying customers who would advocate for your brand!
Marketing your brand and building brand loyalty is essential for any business or company to succeed. Building brand loyalty requires patience and perseverance, but the result positively affects your company. Without brand loyalty, growing and networking yourself will prove to be a difficult feat.
In the end, always keep in mind that marketing to loyal and returning consumers is more effective than trying to bring in new consumers. Brands should prioritize the people supporting them through social media and marketing tactics.
We hope that you find this article helpful. Please follow us at Stiddle.com for more marketing blogs like these!
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