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Did you know that loyal customers account for roughly 20% of your customer base + that this 20% drives approximately 80% of your revenue? The 20% of your customers who are creating 80% of your business is because these customers have brand loyalty.
Storytelling creates a deeper relationship that can further lead to brand + customer loyalty. Brand loyalty is essential to the success of your business.
Find out more about brand loyalty + how you can create it for your business.
What is Brand?
The word brand comes from a German root that means “fire,” because the literal meaning of the verb brand is to permanently give something a unique mark using a hot iron. The noun of “brand” refers to the symbol or mark left by the iron.
Branding something has a lot to do with ownership because once something is branded, it shows who owns it.
The primary difference between classical branding + modern-day branding is that the consumer is now a direct participant in the process.
Today, a “brand” isn’t a unique mark on a piece of property; it’s a symbol, an idea, an identity. Consumers pay attention to brands now. This is a relatively new concept.
The essential definition of a brand is a unique identity, something that clearly distinguishes a product or business from all the others.
3 Benefits of Brand Loyalty
Let’s start with some benefits brand loyalty brings to your business.
#1 Helps You to Stand Out + Be Recognizable
To create brand loyalty, you need to be memorable + stand out from your competition. You want customers to be able to easily think of your business (similar to how everyone thinks of Starbucks or Dunkin Donuts when you mention coffee).
One way to do this is to tell a story your audience can relate to or is familiar to them. Another way to build brand loyalty is to have a consistent style throughout your brand + marketing materials. The goal is to create a story + marketing pieces your customers always remember.
#2 Withstand Changes or Challenges
Brand loyalty creates a sustainable so your business is around for a long time. Brand loyalty provides you with this opportunity by shielding your business from unpredictable environmental or social changes + obstacles.
#3 Drive Sales + Increase Your Profits
Brand loyalty creates active + involved customers. These are customers who are willing to come back for your products or services repeatably for years to come.
How to Achieve + Maintain Brand Loyalty
There’s no doubt that creating brand loyalty benefits your business in multiple ways. So how can you achieve + maintain brand loyalty in your business?
Discounts or Good Deals
Offer discounts or create a reward program for your most valuable customers. Show them that if they continue to make a purchase or be involved, you reward them for their loyalty.
Create Good Customer Experiences
Make it easy to communicate with you or someone in the company. This doesn’t mean you need to be available twenty-four-seven + respond right away. What this means is to make sure any experience anyone has with your products, services, social media pages, websites + more is a good experience.
Don’t make it too complex for your audience to understand your business, products, or services. Plenty of studies + surveys show that customers quickly move to the competition + are even willing to pay a little more, or give up some features to have a better customer service experience — to feel included in your community rather than like they are just another transaction.
Be Active on Social Media
Reply to comments on your social media platforms + build communities that you consistently post to daily. Utilize hashtags on Instagram so your audience can easily find you. Create live events on your Facebook page or in your group. Allow your audience to form deep connections together, building your brand stronger.
Overall, brand loyalty is vital if you want to continue to have a business now + in the future. Give these ideas a try and see how fast your audience engagement grows + benefits your profits.