If you're a brand leader today, it can feel like it's harder than ever to build loyalty with customers. The stats are bleak: 71% of consumers switched brands at least once over the past year, hunting for better deals, better product quality, or better customer service among many other reasons.
In fact, the biggest reason of all may be the "endless aisle," that feeling that there's always another option or a better choice. Blame Amazon, Tinder swiping, influencer culture or the infiltration of advertising into every corner of our lives, but the reality is that consumers are never NOT in the market to upgrade. And yet, if you can get them to be loyal, it is incredibly valuable. According to the Harvard Business Review, increasing retention by just 5% can equal an upwards of 95% increase in profit.
TWEET: 71% of consumers switched brands at least once over the past year, hunting for better deals, better product quality, or better customer service among many other reasons.