When I think of brand loyalty today as compared to 10 years ago our buying habits have shifted into different priorities. People were buying certain brands because of what it promised and there were not as many viable options as their are today. Consumers are not as loyal to brands as they used to be, meaning buying the same product year after year and hardly ever deviating from that. In today’s world we want options and we want to try other products based on certain buyer habits. I think a lot of companies relied so heavily on brand loyalty that they felt that their product offering was perfect or that they would never have to re-brand or re position themselves. Now people are becoming more thoughtful when purchasing products and not only taking price into consideration but things like quality, eco-friendly, what the business stands for, and many other. One thing I have noticed is that millennial’s especially, take into consideration the overall quality of a product and are willing to pay more based on that. Personally, I am subject to this method of purchasing something because if I know it will last longer than the other option then I will more than likely go that route. Of course, it depends on what it is I am purchasing and if I’m expecting a long lifespan out of it too. There are some buying instances out there that in my eyes make sense to put quality over price or quantity because if I can have a widget that lat 20 years as opposed to one that last 5 years it makes sense to go with the widget with a longer lifespan.
With that in mind we are seeing more and more companies offer a lot of the same products but of better quality than what the big brand competitor is offering. More and more companies are starting to see this and they are losing some of their brand loyal customers and more than likely they aren’t attracting new ones. Cultural shifts along with a change in norms and values have been some of the key factors in declining brand loyalty among large corporations. I think with society changing so drastically just over the past few years its affect on brand loyalty has been a key player and has been a challenge for business to adapt to. We are constantly seeing changes in areas like the workplace, family sizes, corporate distrust, and the access to business all over the world via internet. Consumers are taking into consideration as to what the company stands by, are they eco-friendly and how big of a carbon footprint do they have. I also think that after the recession a lot of consumer opinions changed when we started hearing about the corruption taken place within some of the world’s biggest corporations. People started to be a lot more aware of what they were buying and they company’s they are supporting when making that purchasing decision. I don’t see this only as a threat to corporations but an opportunity to re-brand and re position themselves differently in the marketplace along with increasing or optimizing their product offerings. Certain brand enhancements will need to be made and different product offerings to their customer base in order to win back those customers or gain more will need to be implemented. Yes, companies face many unforeseen threats throughout the years but these can be turned into opportunities for them to take advantage of if they already aren’t doing so depending on how you look at these threats.