To build a brand is equal to capturing customer interests. These days brand stories come in the forefront as they put in constant efforts to gain visibility. This is because few years ago, we were familiar with only one aspect related to brand, which is the brand name. But when it comes to this new era, we cover all the aspects that is a crucial role for businesses. This includes product components to the brand’s origin to even the brand’s equity shares.
But the present scenario resonates with the need for the customers to know all the operations that businesses carry out. When we analyse the statistics, we are clear that customers tend to be more involved and intrigued with the offerings of a brand. This is the first step toward engaging loyalty program that makes customers feel that they are valued.
Taking a survey of 2023 by PwC Consumer Insights, we get to get a comprehensive outlook on the impact of global inflation. According to the results of the survey 69% of consumers globally will hold back on non-essential spending as the cost of living rises and 90% will adopt a cost-saving behavior.
This statistics serves as an indicator where we could analyse how loyalty management could impact the direct selling business in the future years.
So, let us take a sneak-peak into the four quadrants of a loyalty framework. But before that you must realize how loyalty is largely determined by a customer’s emotions and sentiments. As a direct selling enthusiast, you must begin from the core, that is, drive a customer’s emotions right from the beginning. To initiate this transformational shift you will have to have a clear idea on their purpose of shopping with you so that you can enhance their shopping experince by delivering that which connects with their thought process.
Having said that, let us know why most of the people prefer to stay loyal to your brand. Here comes the importance of the four different types of loyalty which are also known as the core biological drivers of human behavior. Are you excited to know what they are?
The first comes true loyalty which goes beyond any offerings. This simply means that a customer’s commitment to the brand is consistent and strong. Then there is cult loyalty which is a highest tier where customers patronize the brand frequnetly because the values aligns with their ethics and morale. The values that direct selling holds on to includes sustainability, chemical-free, cruelty-free, etc practices which can endorse their integrity amd brand esteem.
The third comes with inertia loyalty where customers will find their way back to the brand but that doesn’t mean that they are committed to the brand. It can be done by rewarding customers from time to time which is just like a booster in order to improve their loyalty toward your brand.
With mercenary loyalty, there’s the chance of bribing customers to stay loyal. If your competitor bribes them with flash sale, reward, or a higher discount, then your loyalyty is lost.
