There are plenty of metrics by which you can measure your company’s performance. One of the more frequently overlooked metrics is brand loyalty. If this is high, then you can have confidence that you’re doing something right.
This metric has always been important, but it’s becoming increasingly so. Indeed, in 2023, it may well be one of the most important metrics you use within your company. In this blog, we’ll take a look at why it’s so key.
There’s More Competition
We live in an age that’s “business-friendly.” Thanks to the internet, it has never been easier to get a business up and running. While this is broadly a good thing, it does pose a problem — there is now more competition than ever before. It’s hard enough to get customers when you’re the only business in town; thanks to the web, there are many, many other businesses vying for the public’s attention. If you have high brand loyalty, then you can have confidence that you’ll continue to generate revenue even if other companies are trying to snatch your customers away.
Companies should always market to get new customers. But a company that only markets to existing customers is making a mistake. It’s much more cost-effective to market to existing customers. It costs a lot less, and since the customer has already purchased from you, you’ll know that there’s an increased likelihood of your message making an impact.
The cost of living crisis plus the hangover from the coronavirus pandemic has meant that companies have to tighten their purse strings. If you have high brand loyalty, then you can help generate additional business without having to break the bank.
It Shows Your Branding Is Effective
Your company’s branding is one of its most important assets, especially in today’s age, when the marketplace can be crowded. You’ll need to know that your branding is effective. Otherwise, you’ll need to go back to the drawing board. Good branding just simply makes your job easier. If you have brand loyalty, then that’s a pretty good sign that whatever you’re doing is working well — it gives you a solid platform upon which you can develop further.
It Keeps You Moving Forward
Many businesses hit a standstill during the coronavirus pandemic. Many are still trying to reach their pre-COVID levels. If you have brand loyalty from your customers, then you can have confidence that you’re on the right path. Customers have felt the pinch in recent times too. If they’re sticking with you when times are tough, then you can expect good things when times have returned to normal.
Photo by Emre.