Customer loyalty is often regarded as an important metric, but brand loyalty is distinct and even more important for retention. A customer who has brand loyalty won’t jump ship the second a competitor’s prices go lower than yours or their product selection gets bigger. Instead, the brand-loyal customer trusts your product quality, customer service and many other factors that make them willing to spend more to buy your brand, according to Retention Science. Unfortunately, brand loyalty is decreasing, with companies focusing on moment-to-moment marketing instead of offering customers an uplifting experience. While marketing in the moment is great for stakeholders, it’s not so good for fostering brand loyalty.
Solutions Without Problems
Brands often have trouble offering a solution that solves a problem that isn’t apparent to the customer. Instead, products are released simply to ‘check a box’ instead of offering an experience that improves the customer’s quality of life. While you might get short-term sales on a problemless solution, over the long term you’re going to encounter customer churn because you aren’t offering benefits that fit into buyers’ lives.