“Newism” is an epidemic that is single-handedly fanning the flames of brand disloyalty among consumers around the globe. More than nine in ten global consumers do not consider themselves brand loyal (92%), leaving an underwhelming 8% of consumers committed to their favorite brands. Consumers have become more adventurous and are considerably more willing to try new or different brands than they were five years ago. Surprisingly, this shift cannot be blamed on price alone, as it could have been in the past. Consumers are simply more interested in the value they receive for the money spent, the quality of the brand and the convenience it brings them.
While this news may seem glum for the tried and true brands, research reveals a silver lining. If companies can capitalize on their core strengths and adjust their strategies accordingly, they won’t fall into the trap of losing their valued customers to the new kids on the block. (Nielsen, 07.16.19)
Are your consumers not as loyal as they once were? H2R’s Brand Research can help. Schedule a free consultation today or give us a call at 417.877.7808.