Posted in Marketing and Strategy Terms, Total Reads: 408
Definition: Brand Loyalty Management
Brand Loyalty occurs when a consumers buys one particular brand consistently out of a given set of available product choices. The modern day definition is less strict than this. Today, it is assumed that due to large number of available options, a loyal customer builds their own set of preferred brands for each product category and picks one or more of those products when go for shopping. Therefore, companies try to retain a space in that repertoire of a consumer.
Brand Loyalty Management deals with the objective of retaining and increasing the brand loyalty of consumers for a particular brand of product or service. Several retail stores roll out loyalty card/points scheme to convert frequent buyers into loyal buyers by incentivizing them for their purchases. It is the sum of all marketing, promotional and distribution activities aimed at delivering a brand’s promise to its frequent buyers.