A crisis can bring out the best in people. And it can for companies too. The year 2020 continues to rapidly reshape consumer behavior trends. Now more than ever, we could all use some inspiration for businesses to find ways to adapt to the current times. How do you make a shift in your business strategy to match the evolving consumer demand?
Studies show that when we’re faced with making a decision, emotions from previous or related experiences can alter people’s preferences. The reality is, people don’t buy products for purely logical reasons. Instead, they do so because of emotional reasons. Oftentimes, this rather intangible emotional connection between your brand and the customer has a big influence on customer retention and sales success.
In the Brand Love Story 2020 report, Talkwalker has analyzed almost 800 brands globally, using the power of social listening and analytics to identify the world’s most loved brand. The report also tackles why brand love is one of the most important strategies businesses can use today. Once built, this emotional connection – ‘brand love’ serves as the foundation of a long-term customer-to-brand relationship, which can often lead to business growth over time.
For instance, 39.5% of consumers define brand loyalty as having love for a brand. Loyal customers often become a brand’s biggest advocates, who will organically share about your company to their friends and network. They also have the tendency to be less sensitive to paying premium prices because they already understand the value that comes with your brand offerings.
Having amazing customer experience is a key driver of consumer trust and love for your brand. This is particularly important, as we see increasingly overlapping customer touch points across offline and online channels.
By listening to the conversations that are happening around you – from consumers to the industry at large, you will have a better understanding of how your audience is reacting to emerging trends. Engage in trends that allow you to maintain brand relevance and stay top of mind.
A great way to build the connection with your audience is by associating your brand messaging to fond memories. By rekindling ‘a past love’ through nostalgia marketing, you’ll also drive love towards your brand.
Corporate social responsibility (CSR)
Consumers want to know what brands they’re supporting are doing to address the issues or causes that matter to them. Strengthen this connection you have with your customers by leading a purpose that’s aligned with what they care about.
Creating a positive working environment and ultimately, a company that people love to work for, will encourage employees to actively promote your brand. This naturally boosts your overall brand perception.
These are just some examples of proven methods successful companies like Singapore Airlines, Benefit Cosmetics, and Lego use to drive brand love. Download the report to find out how you can build brand love into your strategy and position your brand as a product or service that consumers don’t just want, but one that they emotionally connect with and love.
This article first appeared in www.thedrum.com
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