What is Brand Loyalty?
Brand loyalty is a type of emotional tie that consumers have with a brand that leads them to continue to purchase, recommend, and stay with a brand over time. There are brand loyalty equations that some brands use to calculate the level of loyalty they have from one consumer or overall. This can be a combination of customer lifetime value, customer churn, and share of wallet, or other varying metrics that a brand determines as relevant. Companies will utilize brand loyalty to drive additional purchases with current products and across other products and brands in their family.
Brand Loyalty is essential to driving continued growth and beating competitors.
At TTEC, we understand the importance of every customer interaction for building Brand Loyalty. TTEC has a proven process, innovative technology, and dedicated employees who build customer relationships for life.
TTEC utilizes voice of the customer data to understand customers' current and future brand needs and expectations. Through several assessments, we get the insights required to formulate a strategic plan designed to improve the CX and increase total lifetime value. We are able to identify potential brand crises, evaluate new products or services needed, and exceed customer brand expectations—all of which strengthens and enhances customer Brand Loyalty.
Additional Brand Loyalty Resources
- Healthcare's Loyalty Landscape: Health insurance members, however, are not traditionally loyal customers. About one quarter (26 percent) of health insurance customers describe themselves as “not loyal at all” to their insurer, according to Accenture.
- Cracking the Loyalty Code: We all know customer loyalty is important to a business but where do brands tend to make mistakes when it comes to inspiring loyalty?
- Loyalty on a Global Scale: Nandan Mer of MasterCard shares insight about how loyalty programs are evolving to meet the needs of issuers and consumers around the world.
- From Loyalty to Engagement: Telecom operator Proximus marries the old with the new to optimize its loyalty program.
- Loyalty Is a Virtue and an Asset: Understanding and tapping into customer loyalty can lead to significant long-term business benefits. For many companies, however, reaching this goal can be elusive.