Once a consumer is
Once a consumer is hooked, brand loyalty tends to result in higher sales volume, as well as loyal customers being less sensitive to price changes of their favorite brands (within reason, of course), as well as less sensitive to competitors’ incentives. Studies have shown that it takes 5 times as much money to gain a customer as it does to retain one. That’s 5 times as much money as could have been spent on other things.
A brand is who your company is, and what it is selling–it is as important as naming a baby, and should require the same amount of effort to develop it, but if done well, can mature into a successful and profitable adult.
William King is the director of All Wholesale UK: http://www.uk-wholesaler.co.uk , Wholesale Pages: http://www.wholesalepages.co.uk and Wholesale-Canada: http://www.wholesale-canada.com.
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