Brand Loyalty and Recognition in the Retail Arena
In today’s retail world it has become increasingly difficult to keep customers loyal to a brand. With the plethora of online retailers offering price comparisons and the ease with which an individual can obtain information about the products they want, it is easy, now more than ever, to switch brands without an afterthought. Does this knowledge then make the challenge of building brand loyalty and recognition a lost cause? Is there any real hope to keeping customers coming back time after time?
To keep brand loyalty and brand recognition high, here are some points to consider.
Keep customer service levels high. This is common knowledge in the CPG industry, but it is often a common complaint – one that can have major impacts when it comes to maintaining a hold on your loyalty and recognition statistics. If line-ups in your store get too long, or it is difficult for a customer to receive the help or assistance they want/need, their first response may be to switch stores. This is big for brands too – if a customer can’t find your product on the shelf at their local retailer, they may just switch to the next best thing.
Provide value – and make that value visible. Nowadays consumers want both quality and quantity – the numbers continue to show that correlations with regard to generational differences mean that you need to focus on both of these elements in order to reach the greatest number of buyers. And, you need to make sure that the current cost is always reflected on the shelf – even a small window of time between a price change on paper and a price change on the shelf can mean lost sales.
Stay relevant. This can mean so many different things – but in the CPG industry it is especially important. Here you may think about our previous point regarding quality and quantity, but you may also want to consider things like customer engagement in-store, or providing wants with things like eco-friendly or sustainable options. This is good advice for brands too – those looking to get a leg-up on the competition. Keep track of the latest trends – falling behind here can often spell disaster.
For retailers and brands in the CPG industry, brand recognition and brand loyalty continue to plague us as challenges that need constant attention. Strategies seem to need overhauling on a regular basis, and things that seemed to work as recent as even a year ago have now lost their luster. In the end, all you can do is provide what the customer wants – great customer service, high value, and the feeling that their needs are being taken seriously.
For more about effectively building brand loyalty and recognition, please contact Marketsupport today for more information: 1-877-421-5081.« Back to Blog