Many people dream about starting their own business. Especially in the new normal, it is easier to open and run digital shops. According to a digital marketing speaker Hong Kong, around 20% of small businesses commonly failed after a year and 50% failed within 5 years. Such a thing will not happen if they can build brand loyalty.
A social media agency Hong Kong highlights that brand loyalty is the key to the sustainability of brands and businesses. Even a video marketing agency Hong Kong never doubted that brand loyalty uplifts the continuous existence of a video channel. Now, the question is, what is brand loyalty and how can you build one? We’ve got you covered.
THE CONCEPT OF BRAND LOYALTY IN DIGITAL MARKETING
Brand loyalty is the positive association of consumers with a brand, business, product, or service. Because of the positive association, they become emotionally attached to the brand or business. That is why they continue buying the product, even if they are offered similar alternatives. They also become advocates of the brand or business, commonly recommending sharing social media ads and posts of the brand or business.
THE IMPORTANCE OF BRAND LOYALTY
The loyalty of a consumer is the golden ring for marketers. Loyal customers will continue to buy from a brand or business even if they are less convenient and more expensive. As such, they are vital to the sustainability of a business.
It is more expensive to attract new customers than to retain existing ones. Brand loyalty can help brands and businesses grow by saving a significant amount of the marketing budget. The savings can be allotted to research and development for new ideas and offerings.
In social media, brand loyalty serves as a marketing strategy to broaden reach and revenues. Loyal followers of social media pages tend to share the ads and posts of the brand or business. It helps broaden the reach of these pages and the traffic on the eCommerce websites.
HOW TO BUILD BRAND LOYALTY IN SOCIAL MEDIA
Create products that the customers want.
All purchases can be categorized into two groups. They can either be rational or irrational purchases. Consumers who made rational purchases considered the features, qualities, and price ranges of a brand or business. Irrational purchases are the ones associated with brand loyalty. Because these consumers are emotionally attached, they buy the same brand or product despite higher pricing and similar offerings. To build brand loyalty, it is best to create products that your loyal customers want. You can identify their needs and pain points by analyzing their buying behaviors and online searches. From these data, you can come up with the features and products they are longing for.
Give excellent customer support.
The COVID-19 pandemic shifted the world of physical stores to digital shops. Online shopping booms and is now trending. As part of digital shops, modern consumers want answers to their questions quickly. If they have a complaint, they want it to address immediately and sensitively. The key to building brand loyalty is personalizing customer service. Brands and businesses should focus on being grateful for positive reviews and being mindful of the negative reviews. Excellent customer support also means regularly opening varied lines of communication.
Share your brand story and value.
Transparency is another key to building brand loyalty. Let your followers know what are your beliefs, ethical standards, and standpoint on trending topics. By creatively uploading stories daily, they become more attached knowing that you share the same interests and visions as them.
Reference: https://youscan.io/blog/brand-loyalty/