What is brand loyalty in business?

People have endless options for most products or services out there. Still, 90% of consumers are brand loyal, meaning they choose products or services based on the company. Brand loyalty helps you retain more customers, increase revenue, boat your profits, and become more successful in general. But what is it, exactly?

This guide will look into:

• What brand loyalty is.
• Why brand loyalty is important.
• How to increase brand loyalty for your business.
• How Countingup can help boost brand loyalty.

Brand loyalty refers to customers’ dedication towards a brand that drives them to keep buying their products or services from that company, regardless of what competitors offer.

A brand-loyal customer sticks to the same brand and is also more likely to try out other products that the company offers, even if they’re more expensive. In other words, these customers are loyal to your brand and will prioritise your offerings over others.

Loyal customers generate revenue (money made from sales) and help you build a strong reputation for your business. In addition, these peoples’ connection to your brand will bring you consistent purchases even as your brand grows and expands.  

Brand-loyalists will most likely stay with you even if you increase your prices since they’re not motivated by how much you charge. Instead, they will continue to support you through market changes because they believe in your brand.

Brand-loyal customers are also likely to promote your brand to those around them. This is called word-of-mouth marketing and is highly effective. Learn more about word-of-mouth marketing.

Another reason to build brand loyalty is that it’s sustainable since it’s rooted in something deeper than simply selling something for the best price. You can basically only sever this bond if you completely move away from your identity, so your brand no longer resonates with customers.

We’ve listed a few tips to help your increase brand loyalty for your small business:

How you interact with customers or clients online has a massive impact on how people see you. After all, everyone can see how you interact with prospects, new customers, and long-standing ones.

It’s important to be strategic when communicating with these people and make sure your customer service is top-notch. Being transparent, friendly and responsive can help you build trust and connection. In addition, understanding peoples’ attitudes towards your brand will allow you to get ahead of any issues before they become a serious problem.

Maintaining a consistent brand voice across all your channels helps make your brand more recognisable and memorable. Your goal here is to create a unique voice that represents your brand and makes it feel approachable to your audience.

Storytelling is another powerful tool to engage with your audience. People love an inspirational story! Yours can be anything from how you came up with your business idea to how you make your products or why you do what you do.

People tend to be loyal to brands they can relate to, so the best way to build a connection with your audience is by taking time to understand them. Identify their values, pain points, interest, and motivators, and make sure you communicate in a way that meets these wants and needs.

Analysing your audience provides a good starting point to help you understand their motivations and behaviours. Then, you can use that information to craft messaging that resonates with them and include it across all your branded content.

Next, look at your social media marketing strategy and make sure you include goals for increasing brand awareness, more sales, and a better overall customer experience. Social media is a powerful tool for increasing brand loyalty. 

You can use social media to share content to showcase your expertise, connect with people of similar beliefs and interests, and engage with your target audience. When done right, social media can drive significant results. 

The goal is to get customers to invest in your brand story, and social media is the perfect platform to share your story and connect with like-minded people. 

The ultimate goal of building brand loyalty is to create a group of long-term supporters that will keep purchasing from you through thick and thin. As we’ve mentioned, loyal customers are more likely to recommend you to their friends, support new product or service launches, and generate a buzz about you on social media.

Increasing brand loyalty helps you grow your business and reach your business goals and objectives. The best way to maintain this loyalty is to continually engage and communicate with your target audience and listen to what they have to say. Listening will help you learn more about your loyal customers’ needs and requirements so you can keep meeting them. 

Brand loyalty is about creating an experience that keeps customers coming back. In other words, if you can leave a lasting impact on people, you can make more sales for less effort since they will come to you.

If you succeed in increasing your brand loyalty, you’ll need a robust and reliable system to track and manage all those new financial transactions. Financial management can be stressful and time-consuming when you’re self-employed. That’s why thousands of business owners use the Countingup app to make their financial admin easier. 

Countingup is the business current account with built-in accounting software that allows you to manage all your financial data in one place. With features like automatic expense categorisation, invoicing on the go, receipt capture tools, tax estimates, and cash flow insights, you can confidently keep on top of your business finances wherever you are. 

You can also share your bookkeeping with your accountant instantly without worrying about duplication errors, data lags or inaccuracies. Seamless, simple, and straightforward! 
Find out more here.