retail and customer

How Brand Strategy affects Customer Satisfaction and Brand Loyalty

Brand strategy is significant in any business type, it ensures your brand is seen and heard by customers – it has its own perception by the public and awareness. The main way of doing this effectively is through marketing strategies, now these need to be focused on certain aspects of the business and may differ between products if it means it reaches the intended audience (and depending on your price range). It’s imperative that a loyal customer base is established, in a Forbes article stated that the Pareto Principle, which is a phenomenon around how the distribution of 80/20 occurs frequently, revealed that 20% of a company’s current customer base will be responsible for 80% of said companies future revenue. Evidently shows how important it is to retain customers.

By having the right strategies in place it should cover all bases to ensure your customers are happy, a blogger Macy Storm, stated that 79% of people were less likely to repurchase if they had a negative experience from a company website. Therefore, it is important that even little aspects like a website should give a good impression and fulfill the needs and expectations the customer will have. For example, having a chat engine where a customer can in real life time sort an issue out or answer a query, customers love to know information asap and have that information accessed easily so they don’t have to waste their time searching for it, even if it might not mean they will purchase, it gives them a good impression of the company. Little aspects can create big impacts, it could even boil down to how a customer may perceive an attitude to sound like over the phone.

Most factors that influence or encourage satisfaction, retention, loyalty, etc, result from how your business is marketed. Websites were briefly mentioned but the entire perception of a business can be determined by this, that’s why having the right marketing techniques in place is important and so making sure the right marketing agency is chosen for the business is also important.

Once your marketing techniques are organised it’s important that the entire purchasing process is taken into consideration as each stage is just as important as the next. Post-purchase is very important when increasing the chances of customer retention, by having a positive finish to their purchase will make them want to purchase again, a study by Bain and Company found that when customer retention rates were at 5% it increased profits by 60% showing how important it is in the long term.