Brand Dots

According today’s Reuters’ article: US recession takes bite out of brand loyalty-study, the recession has forced consumers to make yet another huge sacrifice: brand loyalty.   In a study done on more than 32 million shoppers, only four out of 10 brands kept their extremely loyal customers over the last year.  Iconic brands, such as Green Giant, Advil, and Jif peanut butter, lost more than 7% of their devoted customers between 2007 and 2008.

This is a hard pill to swallow for brands that have worked hard to build customer relationships.  Brand loyalty is what most brands are counting on in today’s economy.  Companies are cutting back, slashing wages and 401K matching programs, laying off employees, and finding it harder and harder to afford advertising.

Here’s one more reason for companies to put a huge focus on building strong customer relationships, implementing customer reward programs, creating a sense of community, and offering exemplary customer service.

We can’t give up!  And we must do something to get out of this downward spiral, without sacrificing our long-term relationships!