While the loyalty of consumers towards a brand declines now a day, it’s not stated that the new generation is not loyal to the brands. Most of the cases the fact is that particular brands have not yearned their loyalty!
Generation Z consultant Connor Blakley Connor recently shared, “It’s not brand loyalty that’s dead – it’s brand effort.” It’s been so clear by his statement that brands have yet to do something else what would connect and build relationships with this up-and-coming influential generation of consumers.
In fact, a study from Retail Perceptions stated that, 81% of consumers among generation Z will switch from their “favorite” brand to a similar product that’s of a higher quality; 79% indicate that quality is their main decision-making factor when purchasing, not necessarily the name-brand; and 72%. will switch to a new brand if they find a similar product for a lower price.
When brands fail to meet the price and quality expectations of this generation, they automatically switch the brands no matter how long their relationship with the brands, although this is not an expected behavior from consumers. But considering a playing field where other factors are same, Gen Z will time and time again choose the brands Which will help them to be unique and build their identity.
To enter into the favourite folder, brands need to develop products that are trendy, able to make a statement, present the innovation and help to make the world a better place. Additionally, brands which belong entertaining and informative content that supplement their products. These products are in a stronger position to earn Gen Z loyalty.
We the people who are dealing with brands have to monitor and understand the needs and perceptions of generation Z. Maybe this generation is changing the definition of brand loyalty or maybe loyalty is a different word to them. As we brands have to deal with the generation so efforts are needed to walk with this generation on the same row. Now the question is that you and your brand is ready to invest such effort?
Assistant Brand Manager, Akij Food & Beverage Limited
This article was published in the publication of Bangladesh Marketing Day 2019.