Brand Loyalty

Study: 76% of Consumers with a Preferred Brand are Likely to Change Their Mind

In What's New, Industry News by Lauren Parker, Accessories Magazine

Brand Loyalty

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Brand loyalty is fleeting.

In this fast-paced, competitive and constantly-evolving world of retail, brand commitment seems more flexible than ever. Blame the constant influx of information via our digital devices and social world, or maybe it’s our shorter attention spans, but maybe this is the reason that brands are slapping logos more prominently than ever on their products. One, they show up clearer in photos, and two, it’s a constant reminder to consumer who they’re wearing.

A new survey by Adtaxi took a deep dive into American purchasing habits, and found that even those consumers with a favorite, go-to brand are highly malleable.

Among the study’s highlights:

  • 75% of respondents indicated they have a preferred brand when shopping—but among them, 76% reported they are likely to change that preferred brand.
  • When considering making a purchase, price value is the number one factor consumers rely on (83%), followed by quality (80%), reputation (47%) and service (39%).
  • 79% say they typically learn about products and services by browsing online – beating out word
    of mouth which was cited by 56% of respondents.
  • 49% say their purchasing decisions are influenced by friends’ social media posts, closely followed by 30% saying their decisions are influenced by a brand or retailer they follow on social media.

“While word of mouth was once the main way that consumers learned about products and services, we have seen this quickly change in recent years,” said Evan Tennant, National Director of Ecommerce at Adtaxi. “Today, marketers have learned to leverage the power of digital in order to reach consumers on their preferred devices and platforms with relevant, desirable messages on price and quality, thereby enhancing their credibility and closing the gap of influence between friends and brands.”

Influencer Marketing

Don’t let anyone tell you that influencer marketing is dead. The study also examined the growing impact of influencer marketing.

 

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Among the key findings:

  • A majority (59%) of respondents have at least considered purchasing a product after seeing a post about it from a social media influencer. Among them, 56% ended up completing the purchase.
  • Over a quarter (26%) say their purchasing decisions are impacted by social media influencers, and 24% put the same level of trust in friends and influencers when it comes to product opinions.

“As social media becomes more intertwined in our lives, brands are increasingly turning to influencer marketing to reach consumers on these platforms in an authentic way,” Tennant said. “In turn, we see consumers instilling trust in the influencers they follow. Whether it’s friends, retailers or influencers, the constant flood of information across digital platforms may contribute to the fact that today’s consumers seem to change their preferred brand at the drop of a hat. Our survey sheds light on this growing trend.”

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