Although having close links, customer loyalty and brand loyalty are two rather two separate things. However, despite the difference they directly impact repurchase and retention rates.
Understand Customer loyalty
Customer loyalty primarily relates to the complete spending capacity of the consumers. It is all about what you could offer to them within cost-effective and regular prices offers. To put it simply, customer loyalty talks of those customers who keep returning to your shop. In all its complete sense, it is about giving better discounts and offers than your competitors for the specific products they are seeking.
Would you rather- you had a loyalty program?
In case you don’t have a loyalty program, it’s time you had one. As the future holds no significance for third-party cookies, these loyalty programs can give you a completely new standard of value, in zero-party data. You could reward your customer with offers, badges, and points directly through the loyalty programs thus boosting your ability to deliver a completely personalized CX. Leverage the innumerable customer feedback app to gather all info that helps you gather sufficient materials and resources about your customer loyalty.
Flip Side of the Coin – Brand Loyalty
Brand loyalty- on the flip side has hardly anything to do with money or price. It has, however, everything about how consumers understand your brand. This could be either through promotional works, previous experiences, or the reputation that your company provided. Consumers show loyalty to a particular brand as they believe that you will offer higher quality and better service than your competitors. Customers remain to a particular brand as they trust you offer better services plus high quality than anyone else. Consumers are not bothered about pricing when it comes to brand loyalty.
A customer who is loyal to your brand has a higher likelihood of trying out other products your brand has to offer. These products could be slightly high in the expenses. However, consumers with customer loyalty faculty will certainly turn to other brands if your prices go up or you cease to continue in engaging them.
Modes to Boost Brand Loyalty and Customer Loyalty
Customer loyalty could be improved and encouraged if we maintain overall low prices and offer loyalty points in discounts, multi-buy deals, and special offers. This would convince all your regular customers about you being the cheapest vendor in the market.
On the flip side, Brand loyalty comes with much easy maintenance once established. So long as the quality of your product and the service level you are providing remain the same, there will be little movement of your brand-loyal customers to check out your competition. Hence, you can rest assured your brand-loyal customers take a little effort to maintain and keep. However, brand loyal consumers will have less tendency to make lesser purchases even though the profits margins on their choice of products could be a lot bigger.
Everything put together, brand loyalty and customer loyalty both are equally important. Businesses need to target both through the use of different kinds of products in the range. If you could combine these two concepts within your marketing strategy, you will spearhead your revenue like never. Several customer feedback software exists in the market today that give you an overall insight into your customers.
Leverage the power of customer experience using the available customer service apps that will provide you the guidance to understand your customer better. This goes a long and tested way to gather customer loyalty. Once your customer has become loyal to your brand, there would be rare instances of customer churn and a more significant amount of customer repurchase.
However, understand the significance of customer loyalty vis a vis brand loyalty to give your customer an eclectic level of shopping by understanding the exact requirements of your customers. Brand loyalty goes a long way in gathering customer satisfaction and hence can convert a rare visitor of your product to a brand loyal customer. The modern-day apps are embedded with high-end cloud-based technologies like Artificial Intelligence and Machine Learning to give you high-end and excellent customer insight. Utilize all the facilities available to create a niche customer base for yourself and take your business to the next best level in the global platform.