A recent Accenture study shows that the majority of United States consumers (78 percent) are retracting their brand loyalty at “profit-crushing rates.”
Whether it’s retailers (26 percent), cable and satellite providers (15 percent), banks (13 percent) or internet service providers (12 percent), it appears that no sectors are immune from customers jumping ship to a new brand.
Perhaps it’s because the nature of brand loyalty has changed.
Consumers have more access to peer product reviews, along with more options, several ways to buy products (which drives down prices and increases choices). Overall, we consume differently. That might be why only 34 percent of those surveyed say that what makes them loyal today is the same as three years ago.
Brand managers are partially to blame for this trend—in a good way. The ones who are doing it right are accomplishing more with digital campaigns, reaching consumers in an authentic way at the mediums where they interact.