According to a study by Oracle & Bronto on building consumer loyalty, 83% of UK shoppers say their loyalty is built through trust. With consumer loyalty being a key factor for continued business growth and success, how do retailers build trusting relationships with consumers?
Tactics that work
Of the 185 consumers surveyed, 46% listed that corporate culture was the top driver of building trust and consumer loyalty. They valued a company’s transparency with its beliefs and behaviours, how they treat staff and how they interacted and handled transactions with consumers. Inc.com said “brand transparency isn’t just a nice thing to strive for. These days, it’s a business imperative” in its article on the importance of transparency in a business. In second was a company’s front-line priority, which followed closely at 42%. Consumers valued a company’s dedication to providing a strong service and investing in its consumer’s experience offline.
To earn long-term loyalty from consumers, you have to be prepared to interact with consumers across all channels and platforms. The communications have to be personalised and helpful. A survey by Marketing week confirmed that 83% of 1,000 consumers surveyed said trust was what earns their loyalty instead of discounts or reward schemes. Company’s looking to earn more loyalty from consumers need to evaluate marketing goals to ensure efforts are focused on making a customer happy, either through more personalised content or by combining the company culture and marketing strategies.
Oracle & Bronto’s survey has given insight into what consumers are looking for in a brand, showcasing what encourages them to become loyal consumers. Consumers are looking for trustworthy brands that prioritise its consumer’s needs and expectations. Consumers take comfort in knowing the brand is focused on them, which develops the trust and loyalty they show the brand.