As we develop customer loyalty in marketing, loyalty programs and retention marketing programs, we provide some of these insights in a loyalty insight of the week.
“Loyalty is not a program. What is loyalty?”
We have researched loyalty from a consumer’s point of view (beyond enrolling in a loyalty program) for the past 4 years in the benchmark loyalty research study For Love or MoneyTM.
In each study we identified 11 dimensions of loyalty to a brand/business, for consumers to determine a ranking of these and from this we have formed a definition:
Loyalty is both behaviour and belief. Behaviour is a transactional connection identified by spending more and purchasing more often over the longer term where similar competitive forces are in play. Belief is an emotional connection where trust is inherent and personal recommendation is the proof.
When customers are at optimum behaviour and belief, then loyalty is at its peak. Customers are high financial value over the longer term PLUS they are emotionally connected, they love the brand and tell others. The above is my definition of loyalty to a brand or business.
What’s yours?
