In today’s world, customers have more options for their purchases than ever before. From online retailers to big box stores to small boutiques, consumers explore the market and no longer consistently fall back on the same brands and stores. Though in years past, a family might buy the same breakfast cereal or laundry detergent over and over again, consumers now try to change up their purchases frequently, finding the best option for their individual needs.
Today’s consumers also seem driven to find the best offer that’s available in the most convenient manner. In a recent study by Cox Target Media, when customers were asked about the role of brand loyalty in the purchases, about 51 percent said that they buy specific brands for some items, but for others bought whatever is on sale. Only a small portion, 17 percent, considered themselves brand loyalists who buy specific brands of items.
However, almost all shoppers agreed that they would buy the item again with a coupon or on sale, whether or not they needed it in their pantry at that movement. This suggests that instead of brand loyalty, shoppers show a loyalty to promotions and sales. In fact, nearly seven out of 10 consumers said they would shop around for wherever an item was the lowest in price.
Millennial consumers were the biggest segment of shoppers who bought the brand on sale instead of staying loyal. Generation Z, the up-and-coming generation of shoppers, expressed even less brand loyalty, with over 80 percent saying they would switch from their favorite brand if they found a similar item that was higher quality or for a lower price.
How do I win back repeat purchasers?
With waning brand loyalty among consumers, your company faces new obstacles in inspiring repeat purchases. Learn how to win back repeat customers using the steps below.
1. Identify the consumers who haven’t come back.
Some consumers may be in “no-shopping” phase, which require strategies to get them back into the store. Customers who truly need win-back campaigns have abandoned the brand. You should identify who these customers are and create a strategy tailored to their needs.
2. Become more social.
Facebook, Twitter, Instagram and other social medial channels help you engage with all of your customers even while they are on-the-go. Use these channels to let former, existing and future customers know about your company’s news, products, and services. Interact with your customers by responding to their comments and complaints. Tailor your messages to fit the personalities of your specific consumers.
3. Ask for feedback.
By telling you their preferences, your current customers can help you find out how you need to improve. Utilize social media, online surveys and in-store surveys to build a stronger customer relationship.
4. Say thanks.
Show your customers you appreciate their business through loyalty rewards, contests or even just saying thank you. Gratitude is just another way you can engage with your customers and help them feel more strongly connected to your brand.
5. Measure, measure, measure.
You can only see if your strategies are working by measuring your results. Measure your brand loyalty and customer retention numbers frequently to find out if your strategies are working and what you should change in the future to see better success.
Inspiring brand loyalty among today’s customers is not as simple as just delivering on advertising promises. You need to interact and engage with your consumers in and out of the store, showing them that you understand their needs and have developed products that fit their lifestyles. With a consistent, well-researched strategy, you’ll be on your way to winning back repeat customers.