New Product Loyalty to Australian Brands
How loyal are Australian consumers to our own brands when choosing new products and are they willing to pay for innovation?
In the latest edition of Ad News, an article by Frank Chung revealed that, according to Nielsen’s Global Survey of New Product Purchase Sentiment, 50% of Australian Consumers said they preferred to purchase local products over large, global brands when looking for new products. Read on to find out how we Australian consumers compares to the rest of the world.
Other countries by comparison, weren’t as loyal to their local brands when searching for new products:
- Asia Pacific – 38%
- Europe – 41%
- Latin America – 42%
- Africa – 44%
- Middle East – 44%
- North America – 47%
The same study also painted Australians as adventurous with 56% saying they were willing to try new brands, but they didn’t always want to pay a premium.
Whilst this means there are opportunities out there for companies developing new products and services, how do companies keep their existing customers and build loyalty? In our last blog, we talked about using rewards to help build and maintain your customer base.
Customer relationships can also be a key to loyalty. Businesses need to know the difference between “stickiness” and “loyalty”. People’s reluctance to move, or fear of trying something new, is regarded as “stickiness”. Being a supplier of a service and counting your clients as loyal when all they are is fearful of going somewhere else, means you are taking them for granted.
But if you build a relationship with your customers so that there is not necessarily fear of changing supplier, but they don’t want leave because of the relationship they have established with you and your staff, then you are on a winner.
This is especially true for businesses offering services. Some times the only difference is the people and relationships that are built. That is why time and money invested in recruiting, training, rewarding and retaining good staff is paramount for these industries.
And the most important mantra of all is to keep and develop your existing customers as your first priority before going out and gaining new customers. With all of the social and mainstream media choices available, find out how your customers what to interact with your business and build your communications programs around their needs..
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