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How can you maintain brand loyalty in a competitive market?

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Brand loyalty is the degree to which customers prefer your products or services over those of your competitors, and are willing to repeat purchases, recommend your brand, and resist switching to other options. It is a valuable asset that can help you retain your existing customers, reduce your marketing costs, and increase your profitability. However, in a competitive market, brand loyalty is not easy to achieve or maintain. You need to constantly deliver value, satisfaction, and relevance to your customers, and stand out from the crowd. In this article, we will share some strategies that can help you maintain brand loyalty in a competitive market.

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Ankit Majethia

LinkedIn Top Voice | Brand Strategist & Personal Brand Architect | Podcaster | Community Host | Nationwide 40 Under 40…
Perry Haydn Taylor ??

Chief Stoker at big fish? I help brave brand owners start, transform, grow, and exit their businesses and occasionally…

1 Know your customers

The first step to maintaining brand loyalty is to know who your customers are, what they need, what they want, and how they perceive your brand. You can use various methods to gather customer insights, such as surveys, interviews, feedback forms, social media, analytics, and segmentation. By understanding your customers, you can tailor your products, services, messages, and experiences to their preferences, expectations, and pain points. You can also identify your most loyal and profitable customers, and focus on building long-term relationships with them.

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Ankit Majethia

LinkedIn Top Voice | Brand Strategist & Personal Brand Architect | Podcaster | Community Host | Nationwide 40 Under 40 | Founder & Chief Strategist | Start-up Enthusiast
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In my opinion, KYC (Know Your Customer) becomes the most crucial activity when you are looking to market your product or a brand and build brand loyalty. One wrong move or a wrong assumption about your customer's likes, dislikes, needs and problems can make or break a brand and spoil the entire positive brand image created otherwise. Doing this activity will help you customise your messaging to different TGs and having better conversions in sales cycle.

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Perry Haydn Taylor ??

Chief Stoker at big fish? I help brave brand owners start, transform, grow, and exit their businesses and occasionally share risk with them
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In my experience the key to knowing your customers is to be one of them! If you want to know them better you need to get out in the real world and talk to them in real life without them knowing it’s your business. The best marketers don’t sit behind qualitative and quantitative surveys and just analyse big data. The best innovators go and see their products being used in real life and ask “what could be better?” rather than “how can I sell more?” The job of a brand is to drive preference for a product or service. To do that you need to represent your consumer and serve their best interests by relentlessly pursuing better on their behalf.

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Tim Hansell

Commercial Director at big fish?
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The most successful brands don’t second guess what their customers might need, and then try and sell product too them. Instead they listen to their customers, create products which they genuinely want or need and build loyalty by putting the customer at the centre of everything they do

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2 Communicate your value proposition

Your value proposition is the unique benefit that your brand offers to your customers, and the reason why they should choose you over your competitors. It is not just a slogan or a statement, but a promise that you deliver consistently. You need to communicate your value proposition clearly and effectively across all your touchpoints, such as your website, social media, advertising, packaging, and customer service. You also need to align your value proposition with your customers' needs and wants, and demonstrate how you solve their problems or improve their lives.

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Perry Haydn Taylor ??

Chief Stoker at big fish? I help brave brand owners start, transform, grow, and exit their businesses and occasionally share risk with them
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Try this… Step 1 Start by limiting yourself to using just 8 words and 8 seconds to deliver your elevator pitch. Why? Because the average human attention span is just 8 seconds. A human tends to read around 4 words per second. So you have: 1 sec to stop them 1 sec to grab their interest 2 secs for them to read it 1 sec for them to compute it 1 sec for them to desire it 1 sec to decide to buy it 1 sec to pick or click it! Step 2 Your value proposition needs to answer these questions for the consumer. 1/ What is it? 2/ What’s the benefit? 3/ What’s the benefit of the benefit? E.g. 1. It’s a weather app 2. It accurately predicts weather 3. Know when to chuck a sick day That’s your value proposition!

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3 Provide exceptional customer service

Customer service is not just a function, but a culture that permeates your entire organization. It is how you treat your customers before, during, and after a purchase, and how you respond to their inquiries, complaints, suggestions, and feedback. Providing exceptional customer service is crucial for maintaining brand loyalty, as it can enhance customer satisfaction, trust, and advocacy. You need to train your staff to be friendly, helpful, knowledgeable, and empathetic, and empower them to resolve issues quickly and effectively. You also need to use multiple channels to communicate with your customers, such as phone, email, chat, and social media, and ensure that you are accessible, responsive, and consistent.

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4 Reward your loyal customers

Rewarding your loyal customers is a way of showing your appreciation, recognition, and gratitude for their continued support and patronage. It can also encourage them to buy more, refer others, and stay loyal. You can use various types of rewards, such as discounts, coupons, freebies, points, cashback, loyalty cards, or memberships. You can also create personalized rewards based on your customers' preferences, behavior, or milestones. The key is to make your rewards relevant, valuable, and easy to redeem, and to communicate them clearly and frequently.

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5 Innovate and adapt

The market is constantly changing, and so are your customers' needs, wants, expectations, and preferences. To maintain brand loyalty in a competitive market, you need to keep innovating and adapting your products, services, processes, and strategies. You need to monitor the trends, opportunities, and threats in your industry, and anticipate and respond to your customers' changing demands. You also need to solicit and act on customer feedback, and involve them in your innovation process. By innovating and adapting, you can stay ahead of the curve, differentiate your brand, and deliver value and relevance to your customers.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you maintain brand loyalty in a competitive market?

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2

3

4

5

6

1 Know your customers

2 Communicate your value proposition

3 Provide exceptional customer service

4 Reward your loyal customers

5 Innovate and adapt

6 Here’s what else to consider

Brand Strategy

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How can you maintain brand loyalty in a competitive market?

1

2

3

4

5

6

1 Know your customers

2 Communicate your value proposition

3 Provide exceptional customer service

4 Reward your loyal customers

5 Innovate and adapt

6 Here’s what else to consider

Brand Strategy

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