Survey Discovers UK Brands Struggling to Retain Customer Loyalty
22nd May 2013 15:58 - Media and PR
The latest Advertising and Media Market Research by Epsilon has discovered that UK brands are finding it difficult to acquire and retain loyal customers, as Britons pull in their purse strings due to the tough economic climate.
More than half (57%) of the survey respondents reported they currently make the effort to shop around for the best prices, and only 15% are willing to stretch their budgets to buy luxury branded items.
This situation is compounded by the fact that consumers are not positive about future prosperity – over three-quarters (77%) of the surveyants have low savings rates.
As a result, brand loyalty is taking a back seat, with only 15% of consumers believing strongly that it benefits them to be loyal to their favourite brands.
Epsilon's 2013 Consumer Loyalty Study also revealed the top five motivations for consumer loyalty, as rated by the respondents. These are consistently good quality products and service (53%), best value for money (50%), being treated like a valued customer (33%), initial good shopping experience (30%) and sound after sales service/support (29%).
Phil Singh, Vice President of Sales EMEA at Epsilon, commented on the findings: "Loyalty appears then to be the new frontline of competition in retailing. If brands can offer what consumers want -- which half of respondents identified as being value and quality in the products or services they are offered -- they have a good chance of encouraging customers to remain loyal."
Sign up for free insights from your sector…
We hope that you have found this article useful. This section is freely available for all to use. Please help support it by liking us or following us on our social media platforms:
For updated Media and PR insights please follow us on @DJS_Media_PR or use our RSS feed