Brand loyalty can be difficult to maintain because consumer trends can be unpredictable.
As its name suggests, brand loyalty is the preference a customer develops for a particular product brand over other brands in the same or similar category. The importance of brand loyalty in marketing refers to a company’s ability to stimulate and maintain consumer loyalty to its product brand through effective marketing. Brand loyalty in marketing is a process that requires a careful study of consumer trends by a company or manufacturer to apply the knowledge acquired in the sale of its products.
Distributing samples of a product is one way to increase brand loyalty.
Studying some of the consumer’s buying habits will show if they are loyal to a brand. An example is if the consumer prefers to purchase a particular brand of product from a variety of options in the same product category. For example, a consumer prefers to buy ABC window cleaner from a group of about 30 similar products. Another sign is whether the consumer is willing to pay a little more or work a little harder to get the brand they want. If a store does not carry ABC window cleaner and the consumer is willing to go to another store to find the brand, this shows that the consumer is loyal to that brand of window cleaner.
Responding quickly to customer complaints can help maintain brand loyalty.
A company can use marketing tools such as advertising, promotions, and other types of strategies to encourage consumers to develop brand loyalty for its product. By advertising the product, the company will emphasize its good qualities and why it has an advantage over similar products from the competition. Effective marketing also includes the use of promotional tools, such as rewards for using the product, discounts, coupons, and the buy one get one strategy.
The effect of brand loyalty on marketing towards a business includes increased sales, consistent sales by developing a trusted consumer base, and the overall growth of the business. While building brand loyalty is important, it can be difficult to maintain for a number of reasons. Consumer trends change arbitrarily and the company must adapt to changing trends to satisfy, retain and even add more consumers to its loyalty base. In a competitive market, companies also have to deal with the competition trying to grow their loyal customer base. Similarly, other companies selling similar products will exploit the effect of brand loyalty in marketing to increase their profits and outsell the competition.