It’s a constant battle for companies to find new customers, but keeping customers can be even more important. Creating a sense of brand loyalty among customers can mean the difference between success and failure. But how likely is it for consumers to remain loyal to their favorite brands? Or are they more likely to shop around and compare prices?
In Ask Your Target Market’s latest survey, 58% said that if they purchase a product they like, they are very likely to make purchases from that same company again. Another 37% said that they are somewhat likely to support those businesses again. Just 2% said they would be somewhat unlikely to support those businesses again. And 3% said they would be very unlikely to support those businesses again.
In general, just 14% said that they aren’t loyal to any brands. 4% said that they’re only really loyal to 1 brand. 44% said that they feel loyalty, meaning that they won’t buy the same type of product from a different company, to 2 or 3 brands. 23% said that they are loyal to 4 or 5 brands. 6% said they’re loyal to 6 or 7 brands. Just 2% said they feel loyalty toward 8 or 9 brands. And 8% said they are loyal to 10 or more brands.
On the other hand 38% said that they always compare prices when shopping. 40% said that they compare prices most of the time. 14% said they compare prices about half the time. 5% said they rarely compare prices. And just 4% said that they never compare prices when shopping.
However, 49% of respondents said that if a product from a brand they like was just slightly more than a product from an unknown brand, they would definitely choose the product from the brand they like. Just 7% said they would purchase the product from the unknown brand. And 45% said that it would depend on the situation.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on April 10 via AYTM’s online survey panel.