Feb 4 Posted 3 years ago
Hey Darren, Thanks for the interesting comment. I agree with you that products are considered replaceable as there as so many substitute products in the market these days. So at times what makes the diffrence is the service and feeling towards the brand that make customers make a decision. A brand will not have to die a slow painful death if service quality is up to standard.
Regarding the Geteco tool you mentioned, i just happen to visit thier website and i must say it is something that really peaked my interest and can come in handy for business as well. Thanks for the tip. Cheers :)
Jan 28 Posted 3 years ago
Interesting article, Thanks for the write-up. I would just like to add that in my opinion, I feel that people only shift those brands that aren't responsive to their needs. Brands that listen to them and interact on a 1 on 1 basis will usually not be replaced by promotions.It comes down to the value offered by a brand - is it only the product (replacable) or is it also the service and feeling of mattering to that brand which is irreplacableRecently my business started implementing a tool for communication called Geteco that essentially allows the customer to leave a comment (Speak into a phone or use in room phones) and for management to directly respond to that. It all goes into a database and brand managers can analyze feedback given on site. This is an example of clear 1 on 1 interaction between brands and customers which can make the diffrence between on going brand loyalty or a slow painful death for brand loyalty. Just thought i would share my thoughts. Cheers :)
Jan 13 Posted 3 years ago
This is a great post.
Could the lack of brand loyalty be attributable to being able to get high qualiy on demand? As consumers, we have so much available 24/7 that we can virtually bid every transaction and find exactly what we want or a close comparable almost instantaneously.
If survivor bias has created excellent choices across the spectrum, then price becomes the only discriminator for many products (service is another issue).
With "sharing" growing in popularity - are we all now trading in an electronic souq?
Jan 11 Posted 3 years ago
In a word - no. Now, can we stop with the "brands are dying" articles and posts, please??
Jan 10 Posted 3 years ago
Are brands dying? In a word… Apple. How many kids have iPods and how many have Microsoft zone (or whatever the hell it was called)?
As a professor at an urban university, I have ask students questions about their brand preferences every semester for the past 1 years; amazingly number one detergent is Tide, toothpaste - Crest.
Why? Brands live in communities called families - passed down from one generation to the next. Are these kids price conscious of course, but trust and ease of purchase still stand strong.
Your example of retail yes is a good one. I can remember shopping at Sears for virtually everything when I was a kid, but what millennial today would be caught dead in that place for clothes (that’s why Sears as well as JC Penny’s are bringing in outside branded clothing).
But look at just one haul video on YouTube and you'll see brand names a plenty. Wills some of these brands come or go? Sure, it's called fast fashion, but there is still is some loyalty to brands such as Discovery (here in the Midwest) which have stood the test of time for over 20 years.
Finally, what is amazing, kids are even remembering brand names amid all the culture they endure each day.
(Former agency creative for 20 years)
Jan 9 Posted 3 years ago
You raise some valid questions. I don't think brand loyalty is dying at all. Smart brands are finding ways, such as mobile (like you mentioned) to provide value. Value isn't always in terms of dollars. Digital and social have allowed us to form a tighter relationship with customers and potential customers, find out what their triggers are and reward them accordingly.
Retailers like Urban Outfitters and Aeropostale, which both are doing quite well and both continue to post increase in sales numbers, offer value. Sometimes it's price-based, other times it different forms of rewards. But both of these brands have a high sense of loyalty from their consumers. And now, they're both doing a great job leveraging technology to increase that loyalty.
Price is an easy excuse for people. People are, and always have been, willing to pay a premium for quality products and services. Think about it...if price was the absolute #1 driver, why do we still see SUVs driving on the road?
So no, brand loyalty is not dying. It's stronger, and more important to grasp, than ever before.
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