A Quick Overlook of – Your Cheatsheet

The Death of Brand Loyalty
It is thought that baby boomers are those that are likely to be still loyal to the brands that they use. This means that your grandma and grandpa can be expected to use the same brands through the years. However there is market research that already disproves this expectation. That is why it is seen that the millennial attitude regarding brands has started to affect the baby boomers. But if you ponder about it this millennial attitude of shifting brands at a drop of a hat if they are not satisfied with their experience is not something that is negative and it means you just want value for the money that you spend.
And if you think further you will think that brand loyalty could have caused companies to be lazy when it comes to different aspects of their business. It is what allows them to rest on their laurels so to speak. But the mindset of customers these days have changes including those of our grandparents. They are more prone to buy something if they are satisfied with product there and the customer experience as well.
Where You Can Still Find Brand Loyalty
You can still be able to see brands where there is brand loyalty among its customers. One of these is fine jewelry. The other one is in luxury cars. Loyalty for cars is called automotive brand loyalty. People will only have automotive brand loyalty if the cars will convey their status. They practice automotive brand loyalty when they know that using such car will give them high status in society. That is why it is easy to see rich people who are practicing automotive brand loyalty. They will be keen to maintaining such automotive brand loyalty because there are few luxury cars in the first place.
For other things aside from fine jewelry and luxury cars there exists almost no brand loyalty anymore. You may think that if you have a store one of the ways by which you can inspire brand loyalty for your products is to offer a loyalty program. You may entice them to buy because you offer discounted prices in such a program. But you should know that such kind of programs do not work anymore. People may subscribe to this at the start but they often would choose not to renew being members of such a program. This shows that this method is not an effective one in contributing to your business’ bottom line.
What does this mean then for the many businesses today? Well this simply means that businesses must continue to innovate to offer high quality products. In addition they must continue giving excellent customer service.