Putting a Price on Brand Loyalty

Lots of recent headlines on “brand loyalty” – primarily due to Apple’s recent WWDC event along with their rising stock price. With concrete mall experiences for actual browsing and purchasing waning, this definitely gives brands the opportunity to rethink their brand loyalty strategies.

“Marketers have an opportunity to redefine brand roles in every industry. Media has been defined by broadcaster/viewer for decades. Health care has been defined by doctor/patient. Education has been defined by teacher/student. In each of these industries, there is an opportunity to create a new relationship based on co-creation and collaboration.” Source: Harvard Business Review

I also caught some of Jim Cramer’s coverage regarding loyalty and always think that he has great insight on trends.

“Now, mall-based retailers from Under Armour to Urban Outfitters are missing the mark because young shoppers go to the mall knowing exactly what they want instead of planning to browse and spend time there, a sign that brand loyalty is waning.”

… So at the end of the day, where traditional retailers have failed to grasp customers for the sake of their brands, Apple reigns supreme even with a formidable challenge from Amazon.

“I used to have a brand that I was loyal to, every one of those items that I just mentioned,” Cramer said of his fridge, grill, bike, and washer. “And to me, it would’ve been heresy at another time to trade away. Now, I don’t care about any brand except for Apple.”  Source: CNBC Mad Money



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