BUSINESS LOYALTY

Brand Loyalty

“ Brand loyalty-that certain something that makes a consumer keep buying over and over again-is an elusive quality. It begins with the consumer’s preference for a product on the basis of objective reasons-the drink is sweeter, the paper towel more absorbent. The brand name is the customer’s guarantee that he/she will get what they expect”(Fisher). As far back as companies go the main question asked when selling their product, how can I get people to purchase my product? This is still a very important issue in the day- to- day operations of any company, but now they are asking a whole new question. In today's fast changing markets, where people are bombarded by advertisements everywhere, people are starting to realize that they don't need to stick with one product for life, and they see that there are many substitutes available. As a result of this new type of market, companies have started to put a large effort towards the development of Brand loyalty. I shall explore the topic of Band loyalty and explain its importance in today's business market, and how it motivates a consumer to purchase a given product or service.

The phrase Brand loyalty refers to consumers sticking with a brand out of feeling of commitment for that brand. "Consumers attachments to certain brands are so powerful that this loyalty is often considered as a product attribute in and of its self”(Solomon). Solomon’s quote, is showing the attachment that people feel when they purchase a product for a long time, and are still very happy with it, is a huge plus in its self. People enjoy the luxury of not having to scavenge around the supermarket in search of a new product. Brand loyalty is also very attractive to the companies since they enjoy their work being easier, and less costly. It is less expensive and less time consuming to keep old customers, rather than spend money and time advertising towards new ones. "Furthermore, companies with faithful customers tend to be less susceptible to economic down turns or new competitors"(Harrell).

There are numerous ways that a company can create Brand loyalty. When the consumers can name the brand for themselves, they are more likely to care about it. To help create that relationship many companies create an entire culture around their brand. By giving the consumer some degree of culture in addition to the product you ar...

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...r getting more than a product. It shows that people want to belong to something. For example, the hippies that go to Ben & Jerrys, or people, who go to Starbucks, are getting more than ice cream and coffee. These people are getting an experience that cannot be matched elsewhere. The question is what sounds better if someone asked you what did you do last night? I got coffee at the local coffee shop or I got coffee at Starbucks. When people think of Starbucks they think of the big comfortable chairs and all the people, some even have a fireplace, and newspapers, and board games. Starbucks has created a culture of sitting and drinking coffee and this has become a big big business. This culture is what has made them as successful as they are today.

It is as easy as saying if you don't adapt to the times you will not survive in this new market place, so the companies that don't develop Brand loyalty will be at a serious disadvantage. These companies will lose market share, and ultimately pay the price, and that is them going out of business. There is no real excuse for this to happen to any company, considering that there are so many methods, which one can create Brand loyalty.