I shall explore the topic of Band loyalty and explain its importance in today’s business market, and how it motivates a consumer to purchase a given product or service. The phrase Brand loyalty refers to consumers sticking with a brand out of feeling of commitment for that brand. ;Consumers attachments to certain brands are so powerful that this loyalty is often considered as a product attribute in and of its self”(Solomon). Solomon’s quote, is showing the attachment that people feel when they purchase a product for a long time, and are still very happy with it, is a huge plus in its self. People enjoy the luxury of not having to scavenge around the supermarket in search of a new product. Brand loyalty is also very attractive to the companies since they enjoy their work being easier, and less costly.
It is less expensive and less time consuming to keep old customers, rather than spend money and time advertising towards new ones. "Furthermore, companies with faithful customers tend to be less susceptible to economic down turns or new competitors"(Harrell). There are numerous ways that a company can create Brand loyalty. When the consumers can name the brand for themselves, they are more likely to care about it. To help create that relationship many companies create an entire culture around their brand.
By giving the consumer some degree of culture in addition to the product you are raising the level of devotion and satisfaction for the consumer. Ben & Jerry’s for example created a culture of Hippie-era values and activism, this is one of the main reasons for their continued success. Another way to create loyalty is to make donations to charities; these companies might say that a percentage of the money would go to a specific charity. This makes the consumer feel better about the amount of money they spent, and they also will feel good about the company for being charitable, which in return will create Brand loyalty.
With the ever-growing concern for the environment many consumers now look for companies that take conservation in mind when they make their products. For example many car manufacturers are starting to make cars that are friendly towards the environment. This not only attracts people to buy the car, but it also tends to make them loyal to that brand. Customer service is another attribute that can create Brand Loyalty. When people have problems, or questions about a product that they have purchased, or plan to purchase it is good to have people available to field their questions.
This makes people feel that the company cares about them, and that they are not alone when they have a problem. This is the kind of personal attention that the consumer values therefore making them loyal to a company. The best kind of loyalty is Brand insistence, this is when the buyer insists on a particular brand, and won’t except any substitutes. This is more common when dealing with specialty items such as designer clothing, and brand name prescription drugs. Examples of Brand insistence can also be see in simple situations like when you go to the movies, and you ask for a Coke, but they only have Pepsi.
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