It is said to be that those in their senior years are the only ones who exercise loyalty to brands. It is expected that people in the senior years will more than likely buy the same brand through the years. However there is market research that already disproves this expectation. 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.
Maybe brand loyalty is what makes companies have a tendency for laziness when it comes to their products and customer service. It is what allows them to rest on their laurels so to speak. However the attitudes of customers are already changing even among those in their senior years. They are more prone to buy something if they are satisfied with product there and the customer experience as well.
Where Brand Loyalty Still Exists
There are still some brands where you can find people exercising brand loyalty. Fine jewelry is still among those brands where there are loyal customers. The second one is luxury cars. Loyalty for cars is called automotive brand loyalty. People choose to have automotive brand loyalty for cars that show their status in life. They practice automotive brand loyalty when they know that using such car will give them high status in society. That is why it is common to find among the rich and famous automotive brand loyalty. They will be keen to maintaining such automotive brand loyalty because there are few luxury cars in the first place.
For the rest of the things that are being sold one could safely say that there is no more brand loyalty. if you have a business you may get an idea that you can get to revise such trend by making an offer of a loyalty program to your customers. Maybe your loyalty program will consist of ten percent off from the regular price. But you should know that such kind of programs do not work anymore. You may find some people taking up this offer at the start but you will soon found out after some time that less people are enrolling in the program. This means that you simply cannot rely anymore on brand loyalty as the source of you continuing sales.
What does this mean then for the many businesses today? What this means is that they would have to put in the time, money and effort so that they can innovate. In addition they must continue giving excellent customer service.
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