When does a brand become your best friend?
What is brand loyalty?
To determine the level (degree?) of brand loyalty list of bahrain cell phone numbers MBLM has developed an indicator that depends on four factors:
- at what stage are the brand’s relationships with the customer;
- whether the brand exceeds customer expectations;
- whether the brand has an inspiring image;
- whether the brand is rooted in the customer’s everyday activities.
The marketing expert and managing partner at MBLM believes that brand loyalty does not depend on the size of the company. The principles of building an emotional bond are the same for start-ups as for large companies.
Stages of brand loyalty development
The stronger the emotional connection, the stronger the relationship. MBLM distinguishes several stages of building attachment between a brand and a customer.
1. Exchange
The human and the brand interact. The customer learns about the company, while the company learns about the customer’s preferences. At this stage australian companies are using ai to develop marketing strategies for this reason the key to attraction is reciprocity – if the relationship develops, it will move to the next stage, otherwise the customer will distance themselves and become indifferent.
2. Relationship
When a relationship has been formed between a person and a brand, their connection is characterized by greater meaning and trust. This is the stage of acceptance and building trust.
3. Attachment
The person and the brand become inseparable, and their identities merge. In other words, the person expresses their worldviews through the brand – and vice versa.
What are customers willing to pay more for?
Building close relationships with customers increases business profitability. MBLM research shows that during the pandemic benin lists the number of people who were willing to spend 20% more on goods or services of their favorite brands doubled: while in 2019 only 16% of respondents agreed to overpay, in 2021 this number was already 28%.
MBLM also compared the financial performance of highly branded companies with the leading companies in the Standard & Poor’s 500 and Fortune 500 rankings. The researchers focused on the growth rate of revenue, income and stock prices – brands that showed a high level of brand loyalty could boast the best results.
Financial Results: July 2020 vs. July 2021
Favorite industry? Strongest Emotional Entertainment!
According to the MBLM study, the four industries that got closest to their customers were media and entertainment, automotive, retail, and technology and communications, which were higher than the average for all industries.
Industry ranking
The pandemic period brought consumers closer to the entertainment industry. Offices reopened in 2021, but this did not affect the strength of the emotional connection with brands – the proximity coefficient for the entertainment segment is Strongest Emotional 50.2 points, significantly higher than the average – 38.7 points.
The media and entertainment brand that was closest to consumers was Disney (coefficient of – 56.9 points), followed by Amazon Prime (56.7 points) and YouTube (56.1 points).
The nature of the relationship between Disney and its consumers is based largely on nostalgia. The brand focuses on fond memories and the positive emotions they evoke, as many customers grew up on Disney cartoons and films.