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Monday, February 7, 2011

The meaning of loyalty has changed

An interesting story in today’s Marketing Daily suggests that consumers aged 25-49 interpret loyalty differently than their parents did. Gen X and Gen Y are more likely to be loyal to attributes than a product, service or company. And they’re using contemporary research tools (computers, smartphones) to do their homework. To see this article, based on an AMP Agency study, click here.

Implications: In your local market research, perhaps you should focus less on taking market share from competitors, and more on the attributes that led to that market share. Another reminder that the purchase decision is fueled by the benefits a consumer seeks when owning/using the product or service.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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