Most brands believe in the products or services that they offer, which why they also feel that they are worthy of the time and attention of consumers. In the world of business, such aggrandizing notions are only natural and, indeed, are often even necessary. However, when it comes to the level of customer loyalty that these brands actually inspire, a surprising new study by Penmex shows that the outlook is gloomy.
Overall, Penmex, a customer acquisitions and marketing management firm, found that most British consumers are actually shockingly disloyal. After polling over 19,000 people, Penmex found that they would not care if 94% of all brands disappeared completely.
The implications are clear. If companies want to inspire the brand loyalty of most British consumers, they are going to have to work a lot harder at providing the customer experiences that people find valuable.
This has not always been the case, however. Not long ago, a much higher percentage of customers were loyal to the products of their favorite brands, even going so far as to become advocates.
But attitudes are changing. Consumers are much more detached now. And they seem more cynical too. No longer content with mere materialism and flashy ascetics, 85% of British consumers now want brands to be more authentic, assume more accountability, and be more active in local communities.
Other key findings of the report further revealed how most brands are perceived. It showed that:
- Only 3% of consumers believe brands are currently improving the quality of life and well being of customers.
- 26% and 27% prioritized brands that champion collective well-being and personal well-being.
- 47% of respondents said an excellent product and service is most important.
But it was not all bad news for all brands. Google, Amazon, PayPal, Visa and Samsung were actually listed among the companies perceived as improving the quality of customers’ lives.
For most, however, a redoubling of customer engagement efforts is certainly required.
“With many brands failing to keep up with the changing consumer, it is important for companies to make the British buyer aware of their endeavors,” Kirsty Pennal of Managing Director of Penmex.
According to Penmex, in a marketing landscape that is heavily saturated with many different competitors, it is easy for brands to loose sight of the customer in favor of maximizing profits.
But this is no longer a viable strategy.
Today, brands have to work harder at incorporating their products and messages directly into the lives of consumers, and in a much more personalized, relevant, and meaningful ways.