2023-04-26 12:49:28
The Brand Advocacy is the unconditional support that customers offer to brand and represents today a more important factor than ever for the long-term growth of any business and can be achieved through an effective Brand Loyalty strategy.
In fact, many brand managers and CEOs from all over Europe already believe it is essential for the business earn and maintain consumer loyalty.
To emphasize its importance, Territory Influence has collected some data from various brand manager of different sectors across Europe showing their point of view on:
- what Brand Loyalty means to them and their brands;
- role of experience in promoting fidelity;
- how influencers have helped their brands increase people’s loyalty.
The data collected shows that:
- 75% of consumers are loyal to at least one brand;
- 60% of consumers would recommend brands they are loyal to to friends and family.
But when we talk regarding brand loyalty what exactly do we mean? What does it involve and how is it acquired? Let’s take a look at it point by point.
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What is Brand Loyalty and how is it measured?
We can define Brand Loyalty as the tendency of some people to keep buying the same brand of products instead of competing brands.
Customers that can be retained loyal to the brand they stand out because they believe that a particular brand represents superior quality and service to any competitor regardless of what the price might be, which becomes less important in light of acquired brand loyalty.
To measure Brand Loyalty we can use three elements or methodologies:
- customer loyalty;
- the lifetime value of the customer;
- customer satisfaction surveys.
But what are the essential elements to retain our customers? Let’s see it together.
How to create an effective Brand Loyalty strategy
There are many useful methodologies that can be used to create Brand Loyalty.
In this article we have collected some of the most used strategies.
Focus on quality
Quality is the main characteristic that a product or service must have in order to aim at creating brand loyalty.
Boost customer service
Ensuring that customers receive optimal customer service every time is an investment that increases the level of brand loyalty.
Use Brand ambassadors
A brand ambassador is essential to facilitate the brand loyalty process and it is possible if he has in-depth knowledge of the product or service he is representing as well as a loyal target community. In these cases we speak of influencer.
Create a community
Creating an online community is useful for the promotion of brand loyalty and this is true in any sector.
Why Brand Loyalty is important and what are the benefits
The main reason why the Brand Loyalty is considered so important it is simple and is related to business profitability.
In fact, the data show that:
- 65% of revenue in most companies comes from repeat business relationships with existing customers;
- Existing brand loyal customers shop 90% more frequently than new customers.
Furthermore, an additional factor why brand loyalty is convenient for the business is that keeping the customer loyal to the brand is much less expensive regarding the marketing strategies to be followed to attract new customers.
As for the advantages that can be had in investing in brand loyalty can be translated in particular in two factors:
- higher number of repeat purchases by the same customers who perceive the brand as better than the competition;
- revenue growth obtained from the brand;
- any loyal consumer will speak highly of the brand promoting it in the first person;
How to Increase Brand Loyalty with Influencer Marketing
L’influencer marketing allows more than anything else to promote a brand by building Brand Loyalty thanks to a person who is the spokesperson for the brand by transmitting characteristics of the service or product, but also company values and does so to his community, i.e. a significant number of people who follow her for a relationship of trust created.
For this reason it is essential that the spokesperson has precise characteristics suitable for the promotion of the brand.
The main characteristics therefore, to pay attention to in the creation of one influencer marketing strategy can be summed up in choosing the most suitable influencer he should have:
- a loyal community;
- a target of followers in line with the brand to be promoted;
- a specific knowledge or expertise in the product or service for which it advocates.
Not only macro influencers can count on these characteristics, but also those defined as dwarf and micro influencer, or people followed on their social profiles by a lower number of users as long as these are in target with the topics covered by the influencer and by what is offered by the company for which he is the spokesperson.
These are some but not all of the elements to consider when building one influencer marketing strategy that leads to the construction of brand loyalty and knowing all the elements is an essential factor for creating a strategy in line with the desired expectations.
>>Learn how to build your Brand Loyalty. Download the TERRITORY Influence e-book<
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