Mkt 421 Week 4 Brand Loyalty
Running head: MARKETING JOURNAL #4
Brand Loyalty
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March 26, 2015
Brand loyalty involves a promise of tangible and intangible benefits that are designed to meet the needs of the customer, thereby creating lasting relationships. A successful brand is not simply a product that receives the most media attention, strong sales, and customer satisfaction. Strong, enduring brands are built with the vision of brand loyalty in mind. “Brand loyalty is the strongest form of brand equity and reflects a commitment to repeat purchases. Loyal customers enable a company to reduce marketing costs, leverage trade relationships, and speak to competitive threats with greater success” (Marshal & Johnston, 2010, p 310). …show more content…
Each experience should be satisfying and reassuring. Even more important, each experience should build momentum in the customer’s mind, reinforcing the brand as their preferred choice. As experiences accumulate and expectations develop, it is the brand that makes the implicit promise to perform successfully against those expectations.
Loyal customers can and should be the foundation for marketing strategy. Beyond the profit they generate, loyal customers provide the basis for brand development and improvement. The brand that loses sight of its loyal customers has lost its direction, and is prone to lose its market share. Brand loyalty “means people won’t go elsewhere, even if the competition offers lower prices. It keeps revenues high and retains market share. You can see why brand loyalty is a priority for any business” (Goodson, Scott, 2011, p 2).
Brands that are the most successful have developed strong connections with their customers through consistent delivery of credible and meaningful promises. Not only do customers develop deeper attachments to the products, but they give the company value above and beyond repeated
Brand Loyalty
XXXXXXXX
XXXXXXXXXXX
March 26, 2015
Brand loyalty involves a promise of tangible and intangible benefits that are designed to meet the needs of the customer, thereby creating lasting relationships. A successful brand is not simply a product that receives the most media attention, strong sales, and customer satisfaction. Strong, enduring brands are built with the vision of brand loyalty in mind. “Brand loyalty is the strongest form of brand equity and reflects a commitment to repeat purchases. Loyal customers enable a company to reduce marketing costs, leverage trade relationships, and speak to competitive threats with greater success” (Marshal & Johnston, 2010, p 310). …show more content…
Each experience should be satisfying and reassuring. Even more important, each experience should build momentum in the customer’s mind, reinforcing the brand as their preferred choice. As experiences accumulate and expectations develop, it is the brand that makes the implicit promise to perform successfully against those expectations.
Loyal customers can and should be the foundation for marketing strategy. Beyond the profit they generate, loyal customers provide the basis for brand development and improvement. The brand that loses sight of its loyal customers has lost its direction, and is prone to lose its market share. Brand loyalty “means people won’t go elsewhere, even if the competition offers lower prices. It keeps revenues high and retains market share. You can see why brand loyalty is a priority for any business” (Goodson, Scott, 2011, p 2).
Brands that are the most successful have developed strong connections with their customers through consistent delivery of credible and meaningful promises. Not only do customers develop deeper attachments to the products, but they give the company value above and beyond repeated