Something many people have noted over the last few months is an uptick in loyalty. People want to support businesses they know, especially in their communities. That’s led to lots of campaigns to “shop local” or “shop small.” It’s also benefiting bigger brands too-people know Tim Horton’s is an important part of their community or they know someone who works at McDonald’s.
It’s an interesting phenomenon, because what we’re really seeing, in so many ways, is a re-emergence of loyalty. The divide is sharper. Customers want to stick with what they know, support the brands they already love. Part of it is voting with their dollars to ensure their community, friends and families have some security and the other side is personal security, knowing these same people are vested to ensure all are safe.
Thing is, our customers have always been loyal. The difference is we’re noticing these people as they are advocating in a louder way, than perhaps ever before!
Our Customers Have Always Been Loyal
Lots of us have been told that brand loyalty is dead. Millennials and Gen Z don’t shop the way their parents do. The Internet has made it all about low prices, because people can always get it cheaper on Amazon.
Yet, if we look at the numbers, we’ll see a different picture:
· 80 percent of our sales come from just 20 percent of our customers (Pareto Principle)
