Making your business stand out from the crowd means building and maintaining your brand right from the get-go. These days it’s not as easy as it used to be to build brand loyalty. About 40% of respondents in a recent Nielsen study say getting a better price would encourage them to switch brands. But price is not the only factor. Having products in stock and offering a satisfying shopping experience are also important to creating long-lasting customer loyalty.
Brand building starts with developing and promoting what makes your business different from your competitors. Factors to consider:
- How to stand out: What benefits does your business offer your customers? Are you the affordable option or the kid-friendly choice? Do you target a specific market? Surveys show Gen X consumers (those born between 1965 and 1976) are very brand loyal, especially to luxury brands.
- Social media builds brands: Consumers are eager to connect with brands on social media. Because consumers don’t have to specifically go to a brand’s website and instead can follow or “like” a brand to get information, social media is an excellent platform to spread the word about your brand.
- Brands create an emotional connection: “Touching” your customers emotionally is a sure-fire way to build lasting customer relationships with your brand. But the effort needs to be authentic and not seem manipulative or phony.