The Path To Finding Better

The Demise of Brand Loyalty
It is thought that baby boomers are those that are likely to be still loyal to the brands that they use. It is expected that people in the senior years will more than likely buy the same brand through the years. But this is not entirely true anymore according to market research. That is why it is concluded that the millennial mentality has reach those in their senior years and started to affect them as well. But when we pause and reflect about it, the millennial attitude of wanting the best products and customer service is not a bad thing actually.
If you continue your reflection you may even be able to come to the conclusion that brand loyalty is what enabled businesses to be lazy about their affairs. It is what allows them to rest on their laurels so to speak. But the mindset of customers these days have changes including those of our grandparents. If they see that you don’t take the effort to treat them better then they will spend their money elsewhere.
Where Brand Loyalty Still Exists
You can still be able to see brands where there is brand loyalty among its customers. One of these is fine jewelry. The second one is luxury cars. There is still automotive brand loyalty for luxury cars. The reason why people have automotive brand loyalty is because of status. They ascribe for automotive brand loyalty if the automotive that they are buying is something that shows their status in life. That is why it is common to find among the rich and famous automotive brand loyalty. They will not be keen on abandoning their automotive brand loyalty anytime soon as they get satisfaction from the current brand of luxury cars that they are using.
For the other things that are sold in the market brand loyalty is in the demise. Maybe you are thinking that you could reverse the tide in your business by giving a loyalty program to your frequent customers. Maybe your loyalty program will consist of ten percent off from the regular price. But if you research about it you will find that this kind of program does not gain much success anymore. There are people who subscribe to such programs and do not renew their memberships after some time. This shows that this method is not an effective one in contributing to your business’ bottom line.
So what does this mean for businesses when consumers are not prone to brand loyalty anymore? This shows the importance of innovation for the different businesses. In addition they must continue giving excellent customer service.