The importance of brand loyalty cannot be underestimated due to the fact that as brand loyalty increases, the vulnerability to the competitive actions is reduced which is very important in the cut-throat…
Additionally the brand loyalty can also have its basis in the emotional attachment of the user with the brand. The preference can be built upon an association with the brand symbol.
Aaker (1991 p.39) defined Brand loyalty as “the attachment that a customer has to a brand”. It can also be seen as consumer’s preference to purchase a particular brand in a product class and this could be as a result of the consumer awareness about that particular brand.
The firm’s strong name, the good quality image of the product and corporate reputation built loyalty/commitment which helps the consumer to value a product of a particular company and put it above the others. (Souiden et al. 2006). “A deeply held commitment to re-buy or re-patronize a preferred product/service consistently in the future, thereby causing repetitive same-brand or same brand-set purchasing, despite situational influences and marketing efforts having potential to cause switching behavior” (Oliver,1997 referred in Ozer, et. al. 2005, pp.90).
The brand loyalty of existing customer represent a strategic asset to the organization, that, if properly managed and exploited, has the potential to provide value in several ways. It works to reduce the marketing costs of doing business. It is simple and much less costly to retain customers than to get new ones. Brand loyalty also provides trade leverage. At the extreme, brand loyalty may dominate store choice decisions.
Additionally various Studies have shown that as brand loyalty increases, consumers are less sensitive to price changes. Generally, they are willing to pay more for their preferred brand because they perceive some unique value (be it symbol, quality, user experience) in the brand that other alternatives do not provide.
The dire importance of brand loyalty can be gauged from this interesting statistics that an average US company losses about 13% of its customer base on a yearly basis. In order to grow by even 1% annually, these ...
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