Customers that love a brand will:
-> Only shop from that brand (and not look for alternatives)
-> Are willing to pay more (up to 20% more)
-> The most profitable customers (and provide a significant source of revenue)
-> Will recommend the brand (actually recommend - not just say it on a form)
-> Greater market share
-> Higher profitability
-> Lower marketing costs
-> Less customer churn
-> More value for shareholders
-> Faster growth than competitors
-> Ability to withstand economic downturns
Most companies develop loyalty programmes, which don't actually lead to higher levels of loyalty. Customers are often members of several loyalty programmes. These don't really develop true loyalty (or brand love).
Companies that see higher levels of NPS, satisfaction scores, and other metrics find that they are losing customers. The churn remains high, and there isn't much impact on the bottom line.
We've found these customers in nearly every industry (both B2C and B2B), and every size of company. Most companies just aren't aware of this. The million dollar questions are how to identify these customers, and what can companies do to get other customers to love their brand?
Most companies have a few customers that love their brand, others that like the brand but are willing to switch, and many customers that are there for the low costs, convenience, or loyalty points.
Where majority of the customers are constantly on the look out for better bargains. They may be there for low costs, convenient locations or 'loyalty' points. These companies have few customers that love the brand.
The best practice companies have a high percentage of loyal customers that love the brand. Think of brands like Apple, Emirates Airlines, Harley Davidson, Ikea, Walt Disney and Zara. These companies have created an environment where most of the customers fall in love with the brand.
Based on years of research into best practices, we've helped many organisations to develop and implement strategies that have enabled them to improve customer loyalty. What can we do for you?
1) Identify customers that love your brand.
2) Figure out what makes these customers love your brand.
3) Develop strategies that will enable the organisation to get other customers to fall in love with your brand.
Contact us to start the journey to success.
