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Ssm Defining
power of brand loyalty
POWER OF BRAND LOYALTY
MEANING OF BRAND LOYALTY:
Brand loyalty a strongly motivated and long standing decision to purchase a particular
product or service (OR)
Brand loyalty is Preference by a consumer for a particular brand that results in continual
purchase of it and the Degree to which a consumer repeatedly purchases a brand.
For advertisers to achieve their ultimate goal of brand loyalty, the consumer must
perceive that the brand offers the right combination of quality and price.
Many factors influence brand loyalty, such as
consumer attitudes (see brand attitude),
family or peer pressure, and
friendship with the salesperson.The advertiser must consider all such factors.
The degree of brand loyalty-that is,the brand's market share-is known as the brand franchise.
Brand loyalty is stronger on established products than on new products.
A second dimension,however,is whether the customer is committed to the brand.
Philip Kotler, again, defines four patterns of behaviour:
1.Hard Core Loyals - who buy the brand all the time.
2.Soft Core Loyals - loyal to two or three brands.
3.Shifting Loyals - moving from one brand to another.
4.Switchers - with no loyalty (possibly `deal-prone',
constantly looking for bargains or `vanity prone', looking for something different).
The objectives of a good brand:
1.Branding will deliver the company message clearly,
2.our brand builds company credibility,
3.Branding connects our prospects emotionally and
4.Branding should motivate a buyer then
5.Branding creates a concrete customer loyalty .
finally branding objective is to increase popularity of a product by increasing the
product's perceived value to a customer, prospect, or client. By increasing the perceived
value, we are also increasing brand equity which is the marketing effects or outcomes that
accrue to a product with its brand name, compared to a competitor with a similar or same
product or service without the brand name.
Improve brand loyalty without cutting price:
Price cutting may cause big problems, too. The negative impact on your profits can also be
quick and powerful. Competitive situations can lead to ever increasing discounts that end up
eating into profits. Today's consumer wants to buy products that are "on sale", so here are
a few ways you might try to have a "sale" to attract customers - without cutting prices.
1. What's New?
The secret is to find something that our customers will see as new
and different. It may or may not be radically different from your normal product line - it
may be a new feature, new colors, a new service or an entirely new product line.
2. Let's Make A Deal:
Trade-in or Trade-up advertising has worked well for many years in some industries, most
notably for car dealers. This strategy could be adapted easily to window fashions. The
amount you allow for a trade-in may be attractive to potential customers while increasing
your profitability.
3.Buy One, Get One - FREE!
Buy one, get one free advertising can be a very effective way to create traffic. but it's a
popular approach in retailing - mostly because it works.
4. Buy One, Get Something Else - FREE!
"Free" is another one of those powerful words to use in your advertising. It doesn't
matter that much what you offer "free with purchase". If it is an attractive item to your
target customer, offering it "free" will undoubtedly attract attention.
5.Reach For The Stars
Book stores often use celebrities to attract customers.
6. Give 'Em Credit
Today's higher end window fashions can certainly turn into a major purchase.By offering
financing in your advertising, apart from bank cards, you'll attract customers who are
truly ready to do business.
THREE RULES TO ATTRACT NEW CUSTOMERS
1. Let people know you exist - Advertise ourself. If people don't know where we are and
what we do, they can't buy from us. Advertising greatly increases our chances of success.
2. Don't scare the customer - Make the customer feel comfortable with our product or
service. Provide an environment that they will feel safe in. Make them feel good about
spending their money. Don't scare the customer.
3. Look the part - We effectively display our ability to attract new customers. we can
do the same when you look the part.
SUBMITTED BY:
S.PADMAVATHI
&
G.P.DIVYA
LECTURER
SSM ACADEMY OF TEXTILES & MANAGEMENT.
ERODE.
About the Author