In the world where your competitors are only a click away, brand loyalty really is the new marketing. Today’s customers have access to an endless amount of data regarding your business, and analysis shows that they’re prepared and willing to prevent dating around and stick with firms who go higher than and beyond to make an amazing client expertise.
When customers are willing to shop for from one brand over another – that’s brand loyalty. Of course, there are long, detailed academic definitions of brand loyalty, but at its core, brand loyalty is all about getting customers to continually buy from your business and your business only.
First and foremost, brand loyalty can drive sales. When something has the potential to put more money in the register, business owners tend to take notice. Customer’s that are loyal to your brand come back again and again. Achieving this kind of customer retention is a huge win for businesses.
For an average business, research shows loyal customers account for 20% of your entire customer base, but that 20% drives 80% of your business’s revenue, and 72% of total visits to your business.
Brand loyalty is a lot like creating a lasting friendship. When you think about the friends that you’ve had in your life for years and years, what did it take to achieve that kind of relationship?
To form a bond like that it takes time, shared experiences, and opportunities to build trust, lots of conversations and a continued effort from both people to remain friends. Well, that’s what it takes to build brand loyalty. It’s not achieved nightlong, however by understanding what affects brand loyalty, businesses can use their resources to achieve customers that are loyal to their brand.
In sports this sort of brand loyalty has been effectively created and maintained over the years by big Football clubs like Manchester united. It also applies to sportswear market giants like Nike & Adidas. Brand loyalty not only applies to clubs & organizations but individuals as well. Cricketers like Sachin Tendulkar are a brand in themselves. For many of his fans his name is synonymous to their love for cricket. Loyalties needs to be nurtured and cherished and requires constant effort.
Author – Saurav Arora – MBA Sports Management – Symbiosis School of Sports Science (Pune)
Comments via Facebook
The whole idea is to grow sports culture where sports are not only about playing but also about those heroes working off field to develop country through sports, bringing change to the society through it and making India a better place for sports lovers.