Gaining a customer’s loyalty is crucial to a brand’s success. And having a brand that meets your needs and that you love and understand is something most shoppers want. Like I said recently in Loyalty360, Norm, Cliff and friends were loyal to Cheers not only because everyone knew their name but because the staff knew them personally.
A significant challenge for marketers is gaining and maintaining loyalty. Several factors—from economic conditions to the channels used to send brand communications—impact how loyal a consumer is to a brand. Further complicating matters, loyalty is based on trust and understanding, which often requires a technology-powered and data-driven loyalty marketing approach.
To help brands overcome these challenges, Epsilon partnered with Wylei Research to provide key insights about brand loyalty in North America. In this report, we took a look at consumer attitudes towards brand loyalty, exploring similarities and differences across the US and Canada.
Below are my favorite stats from the study.
- Consumers find the following are reasons to switch from their current company or brand: Being billed incorrectly (54-60%), irresponsiveness to customers’ requests and complaints (53-65%) and poor in-store customer service (51-59%)
- 59% of consumers are influenced by friends, while only 22% are influenced by TV ads
- Consumers are most loyal to financial service providers (61%) and grocery retailers (47%)
- 75% of sector loyalists (consumers who stays true to a brand in spite of economic conditions and trending competitors) frequent the internet “many times a day”
- Grocery retailers provide the most relevant communications to the consumers’ needs (51%)
- Over 50% of loyalists are 35-54 years old. Only 12% of loyalists are in the 18-24 age bracket