As the COVID-19 pandemic persists to disrupt businesses in more ways than one, leaders are cornered to adapt and stake their claim as a relevant player in their respective industries or communities.
The current health crisis has forced institutions, especially the Micro, Small, and Medium Enterprises (MSMEs), to recalibrate their business sustainability models. This could be attributed to the glaring impact of the virus on economies that drove unprecedented drop or surge in demand and on people who have started developing heightened anxiety over their holistic well-being.
Therefore, as new behaviors and expectations emerge from a wide range of consumers, businesses must acknowledge the socioeconomic brunt brought about by
the pandemic that has remolded the way people perceive products and services. It is high time to build long-term, valuable relationships that can ultimately foster brand loyalty from target audiences.
Brand loyalty exists when the company receives patronage from its customers which prompts them to stay committed and keep coming back. Though, like any relationship, loyalty is not something that can be acquired from the get-go. It requires much trust-building and willingness to change in order to meet halfway. Here are some tips on boosting brand loyalty to hone an edge over competitors in a highly erratic world.
Go back to square one
There is no shame in not knowing all the answers on how to navigate through this crisis. The most logical way to gauge the next best step is to go back to the organization’s purpose and activating it. This could help in reevaluating strengths and key offerings. While it is challenging for small businesses to undergo this arduous yet critical step, it is more so for those who envision starting a business in this unique time.
Many people will probably advise that it is unwise to start a new venture, but one interesting impact that the pandemic has brought is incredibly low-interest rates on small businesses. There are a plethora of opportunities considering the evolved routines and perceptions of people. It is also no secret that e-commerce has undergone extraordinary growth over the past year. Indeed, it’s reasonable to incorporate and maximize this but it would be best to first study cost-efficient small business shipping to guarantee desirable outcomes.
For those who are brave enough to enter a market, it is clearly about establishing a purpose rather than going back to it. The results will be the same either way: clarity and inspiration. These will give birth to well-thought-out, creative ideas that serve a purpose that would be effortlessly recognized once executed.
Purposeful efforts will certainly create positive brand value and word-of-mouth marketing. Anyone would be thrilled to go back and acquire something from a brand that knows its identity well. This could help customers easily discern if they approve of the company’s offerings or not.
Know your target audience
If there is an advantage that small businesses have from conglomerates is the opportunity to identify and foster their niche audience. Knowing exactly what to offer should meet with understanding who it is being offered to. The trial and error method only applies to a few cases but absolutely not when building brand loyalty. Doing so might just tarnish the organization’s reputation.
It is imperative to have a thorough familiarity with the psychographics of target consumers in an ever-evolving market. This will also allow the business to know how to properly look after their stakeholders and communities. Simply identifying their basic demographic profiles cannot provide ample insights for publicity plans. Thus, it would be prudent to consult experts from a marketing company to amplify brand messages. Keep in mind that curating a compelling narrative about the business would only be possible if the audience is known and understood.
Personalize solutions
It’s definitely a no-no to be mere clout chasers and apathetic robots. If anything, what sets humans apart is their capability to empathize which should be exceptionally reflected when running a business. There is no one-size-fits-all solution to the varying concerns people are having. Though, being able to position the business as an entity that cares and actually communicates with them will make a great difference. This could allow the brand to exude authenticity.
Apart from this growing need for genuine engagement and content, people these days value the brands that are socially accountable. The pandemic has exposed the cracks of private institutions, driving them to be more responsible in how they do business to ensure they won’t harm the environment any further. People are being more mindful, realizing that everything is fundamentally linked to earth. Leaders should therefore make conscious efforts for a sustainable business to come about.
With the knowledge that almost all business aspects are scrutinized by consumers, as well as the drive to be better citizens of the world, it is best to opt for the eco-friendly route. Such concern for everyone’s sole home, earth, is a good starting point when it comes to generating personalized content.
At the end of the day, businesses that resonate well with consumers will have a higher brand recall. By doing the aforementioned ways to boost brand loyalty, consumers will consistently be there to support the business with the belief that it responsibly offers quality products or services with a clear purpose in mind.