The Bitter Truth About Customer Loyalty -- with a silver lining.
Only 28% of consumers are loyal to the brands that they use. This means that 72% of consumers in a given industry are "up for grabs". This is bad news for you if you are a business who is struggling to gain customer loyalty for your brand. But it's fantastic news if you are working on that competitive edge that defies the stats and makes your customers part of the 28%.
This signifies a great opportunity for new businesses and those who've never really "left the launchpad" to succeed if they can simply unlock what makes loyal customers.
What is your brand?
The term "brand" simply means who you are and how people see you. It is the experience that you create for customers. Everyone has a brand. A doctor in a solo practice has a brand. Doctors in a multi-physician practice have a collective brand. A gym has a brand. A nutritional supplement Company has a brand. A non-profit has a brand. The way that you brand yourself determines how people see you. Are you reliable, trustworthy, friendly, competent, skilled, etc? Maybe in your industry, customers want trendy and fashion forward. Do your actions match the brand that you want to portray?
Connection between Brand and Loyalty
Customers are not loyal to products and services. They are loyal to the brand that provides them those services and a certain customer experience. This is great because if you have a loyal customer base, when you offer a new product or service, you immediately have an audience to buy and help get the word out. This is what makes loyalty so important.