Given all the politics and polarization in the market these days, it’s a bit of a minefield for brands. Loyalty is down, according to many studies, and consumers seem generally less tolerant of brands making mistakes or otherwise behaving badly.
However, in a new survey from mobile-location data company Blis, 52 percent of respondents say they’re more loyal to brands today than they were five years ago. Another counterintuitive data point is that women appear to be significantly less brand-loyal than men. But the study also has a range of interesting and more nuanced findings than “brand loyalty is up or down.”
The survey of 2,000 US consumers offers a “hierarchy of needs” and values that consumers use to evaluate and make purchase decisions from retailers and brands. At the bottom — the most weighty or common considerations — are product quality and price. Less influential are the sellers’ values or “morals,” as a purchase consideration.
Consumer Hierarchy of Brand Needs
As reflected above, a large majority (71 percent) of the survey respondents said that their primary criteria in dealing with brands were price and product quality. Interestingly, consumers were more forgiving of errors or mistakes if they “liked the brand.” (It’s not entirely clear what that means.) But there were distinct variations and differences by age cohort and income level.
The largest group gave brands only one opportunity to fail before switching loyalty. Among the different age categories, millennials were the least forgiving, unless they “liked the brand.” However,
Read more here: https://marketingland.com/study-captures-new-consumer-hierarchy-of-needs-facing-brands-237470