A recent Accenture study shows that the majority of United States consumers (78 percent) are retracting their brand loyalty at “profit-crushing rates.”
Whether it’s retailers (26 percent), cable and satellite providers (15 percent), banks (13 percent) or internet service providers (12 percent), it appears that no sectors are immune from customers jumping ship to a new brand.
Perhaps it’s because the nature of brand loyalty has changed.
Consumers have more access to peer product reviews, along with more options, several ways to buy products (which drives down prices and increases choices). Overall, we consume differently. That might be why only 34 percent of those surveyed say that what makes them loyal today is the same as three years ago.
Brand managers are partially to blame for this trend—in a good way. The ones who are doing it right are accomplishing more with digital campaigns, reaching consumers in an authentic way at the mediums where they interact.
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Accenture’s senior managing director and global lead of advanced customer strategy, Robert Wollan, said in a statement:
With 66 percent of U.S. consumers spending more with the brands they love,organizations that stick to traditional approaches and don’t explore the new drivers influencing loyalty risk draining profitability and pushing customers away – even when they have the best intentions or are following their historical playbook. It’s time for organizations to take a fresh look at loyalty.
For more on the study—and how you can increase coveted brand loyalty, check out Accenture’s infographic below:
from PR Daily News Feed http://ift.tt/2kRNge2
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