Consumer loyalty is a term professionals in the business industry like to use as often as possible. But what does it mean? To the uninitiated, Bill Schantz explains that this term means loyalty towards a specific brand shown by their customer.
Take Apple for an example; whether the experts have unanimously panned their latest iPhone or iPad yet, their sales never really suffer. Do you know why? Consumer loyalty is the reason! People who prefer Apple products are so used to them that they don’t care about experts’ opinions.
They like using these products and will continue to do so until the product disappoints the niche it aims to target, or they fail to be consistent with the quality of the product. Consumer loyalty is not always guaranteed for a lifetime. A glaring example of this is the irrelevance of the Nokia brand.
They stopped moving with the time, which led to their customers migrating to other brands to fulfill their basic needs. When every mobile company moved towards the smartphone, they stuck selling bar phones. They thought if they continued to sell what made them famous, they would be fine. As we know now, this wasn’t the case.
Ways Premium Brands are Able to Maintain Consumer Loyalty
So now that we know that consumer loyalty is not a lifetime warranty, even with premium brands, what can they do to ensure this? We believe they will never lose their target audience if they practice the following strategies:
1. Serving What The Customer Demands
Remember that the customer is king; whatever they demand should be the only thing of prime focus as a brand. The minute you stop doing this, you can become irrelevant. In contrast, if you supply them with what they desire, you will never lose consumer loyalty. This is exactly what premium brands do; hence, they are able to maintain their support.
2. Their Quality Never Takes A Nosedive
According to Bill Schantz, another major reason premium brands can always maintain their consumer loyalty is to ensure they serve them with adequate quality. Once a consumer likes your brand, it is hard to lose their support; however, it is possible in cases like your quality taking a nosedive. So as long as they avoid that, they will be able to maintain their trust and business.
3. Predicting Their Consumers’ Ever-Changing Demands
The world we live in is an ever-evolving place, so as long as you can predict and, more importantly, adapt to the changing times, you will be able to maintain your consumer’s loyalty. Schantz believes flexibility, adaptability, and drive for change are the three key factors that determine premium brands don’t lose out on their customer base.
Wrapping It Up
Consumer loyalty can make or break a business. As we have seen in the past, they have turned companies that started in someone’s garage into a global goliath. Similarly, they have sunk even the biggest brands of yesteryears.
So to help you understand better, Bill Schantz has mentioned how premium brands can maintain consumer loyalty. What do you think about it? Have we missed a major point regarding consumer loyalty? Let us know in the comment section.