Hubspot: Research Finds Customer Loyalty Isn't What It Used to Be [2023 Data]
It’s a reality we can’t ignore: Customers are increasingly exploring different brands and shopping options. Product unavailability and depleted inventory shelve coupled with rising prices have made even the most loyal customers inclined to venture beyond their go-to brands.
Does that mean brand loyalty is dead? Our new research report at 84.51°, “The loyalty shift decoded,” finds that’s not the case. What is happening is a shift in what it means to customers.
Our research has uncovered insights into customers’ changing priorities and preferences to help brands understand the role different factors play in customers’ purchase decisions – read on for the key takeaways.
At a glance, here are some high-level insights from our research report:
Loyalty is not synonymous with exclusivity in the eyes of customers, opening up both challenges and opportunities for brands to enhance their customer relationships.
In the minds of shoppers, value and trust take precedence. Customers seek brands and retailers they can rely on to deliver quality products while helping them maximize their budget.
According to customers, the key actions brands and retailers can implement to foster loyalty revolve around providing value, instilling trust, offering a wide selection, and delivering relevant rewards.
Now, let’s dig into the data further.
There is no shortage of videos and social posts of customers proclaiming their loyalty to a brand. Food influencers gushing about fan-favorite grocery items have spurred enormous followings.
Make no mistake — customers sharing their enthusiasm for a brand and describing themselves as loyal fans is always a win. But all this buzz comes with a caveat.
Even if a company has many self-proclaimed loyal customers, it’s essential to understand how those customers define loyalty.
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