Wikipedia defines Brand Loyalty as a positive feeling customers have toward a brand, and the dedication to purchase products of the same brand despite external influences.
Brand loyalty is what assures a company that no matter what, my customer won’t betray me. But in an age where we’re surrounded by knowledge and information, the concept has become fickle. Customers are slowly becoming brand agnostic. Some of the best known global brands have become irrelevant in a matter of a few years. While technical disruption is one of the reasons for sweeping change in consumer preference, service and customer care is an equal influencer.
Although fickle, brand loyalty does exist. Customers choose to keep faith with just one, if they experience high levels of satisfaction. This can be achieved keeping in mind a few parameters –
While each of the above are important, they all stem from one common process- CUSTOMER LISTENING. Any brand that did not listen intently to its consumers has been washed away. In an age of digitalization, the world is communicating at an amazing pace. It is for the brand to listen to its customers and respond quickly.
Google has famously named the instances where the customer interacts with the brand as “Moments of Truth”. The MOTs are becoming less personal, and more online. One of the most important MOT is the phase between “want” and “purchase”, where quality as perceived by the client is created. This is where the customer researches the product online, looking for what each brand offers. The most important tool a customer uses is the reviews others have posted on the internet about their experiences.
These experiences can be good or bad. These reviews, especially on third party websites, are what drive the customers’ final decision. It reflects on the quality of the brand, and when the brand actively tries to resolve a query, that’s when they hit the home run.
A moment of truth is about how active you are as a brand. How much are you interacting with your audience? And how are you reflected in the eyes of your customer.
In today’s times where online research is so important, digital presence is a no brainer. And an active communication with your existing customers is a must. The world must see how quick you are about responding. How much comfort do you offer your clients? And how far are you willing to go to guarantee their satisfaction.