When customers develop a sense of brand loyalty, they're building an emotional connection to a business.
You can very well ask for the referrals, but you won’t really have to, since people love to talk about their newest gadgets and share info to validate their opinions on social media. Not only will you have loyal customers coming back, you’ll also likely see their friends and family who have to hear them wax poetic about you on a regular basis. Repeat Customers Are a Source of Referrals. In fact, they have about a 70 percent chance of converting.
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You already know what they like, and don’t have to spend as much time trying to figure out how to convince them that you’re God’s gift to the industry. Via GIPHY You’ll Have Higher Conversion Rates.Ī loyal customer is more likely to continue buying from you repeatedly. In addition, it’s a lot easier to sell to them during new product launches, as well as cross-sell or upsell when they’re already buying something else.
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They’re also willing to spend more on them.Īsk a Mac person if they would prefer to drive an hour away to an Apple store to get what they truly want, or if they’d be willing to settle to go to the Walmart around the corner and get whatever tech product’s on sale. Repeat customers are already familiar with your brand identity and with your products. However, nurturing your existing ones will keep the money coming on consistently. Granted, if you want your business to be sustainable long-term, you do need to have a strategy to get new customers through the door on a regular basis. While at face value, it seems clear why brand loyalty is important, it’s good to keep in mind what makes it so valuable: It’s More Cost Effective To Retain Existing Customers.Īcquiring new customers is five times more expensive than retaining existing ones. It makes them feel happy, excited, or rejuvenated.Įven if there are competitors offering similar products, in the mind of the loyal customer, anything other than their preferred brand would be subpar, so why even consider it? Why Is Brand Loyalty Important? It doesn’t matter how hard it may be to find, or how many hours they have to stand in line, or at what ridiculous time they have to wake up in the middle of the night to place an online order as soon as there’s a new product launch.īrand loyalty goes hand-in-hand with consumers’ emotions.
What, exactly, is it? What’s the psychology of it? And how can you develop it? What Is Brand Loyalty?īrand loyalty is the faithful disposition to continuously purchase products or services from a specific company. Wouldn't it be great to develop this kind of following for your business? At the end of the day, even if you try to play it cool, you know you’re hoping for it. It ensures you get the quality products you expect and it provides your favorite companies with continued support. The answers don’t really matter, but across all these scenarios, it’s common to find consumers who are fiercely loyal to their preferred brands. Do you have an iPhone or a Samsung? What’s your favorite running shoe? Music streaming service?
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