Brand loyalty and the future of business

The last two years have seen a number of major events take place that have changed many aspects of our society, including the way we consume and do business. Consumers expect more from the products they buy and the companies they patronize, which is a trend that companies, small and large, must realize in order to better understand their customers. The growing trend of consumer identification with products and companies is known as brand loyalty, and what companies know about it could be the difference between success and failure.

As the term brand loyalty gains more cache in business and consumer circles, it’s important to know what it means and how it’s being applied primarily in the retail world. In its simplest definition, brand loyalty refers to the positive association consumers have with a particular product or brand. Consumers show brand loyalty by not only buying a certain product or service, but doing so continually, and by promoting the brand via word of mouth and other passive?ways.

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