Brand loyalty among consumers is diminishing these days, but thanks to our partners at SpotLite, their price-matching technology is helping retailers follow the impulsiveness of the modern market.
Like most customers, I admit that I have no brand loyalty and love getting one over retailers. Along with many other fellow shoppers, I’ve become of late a slippery customer.
Our shopping habits have become much more opportunistic, unpredictable and price conscious, and we have obviously become more of a challenge for businesses to engage with.
Research indicates that only 13% of us are completely “brand loyal” and according to a McKinsey research study 58% are always prepared to switch instore to a lower-priced brand.
It almost makes you think that despite all the money spent on advertising in many categories, brand loyalty is hanging by a thread.
I’m predominately in the “switcher” consumer category and get a real feeling of fulfilment when I snag a bargain. In fact many consumers these days consider themselves professionals, such is their dedication to seeking out the best value for money. If they experience poor service in a store research reveals that 50% of shoppers go elsewhere and are reluctant to ever come back. And if they find a brand they’ve just purchased at a lower price in another store the hurt to their professional pride is profound and their recourse likely to be peremptory and permanent.
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When I recently moved into a street with dodgy phone reception I spent some time seeking a solution with my mobile carrier to whom I had been brand loyal for a number of years. Then I began shopping around and found a carrier who could supply a superior service at an attractive price. I surprised myself at how little brand loyalty counted in my decision to switch brands. My ability to pay the rent suddenly assumed a much higher priority.
It’s strange that while I’m far from an enthusiastic shopper I still derive immense pleasure from the victories I score against retailers. Woolworths, Coles and Aldi would be really concerned if they knew all the pre-planning and strategic thinking I invest in getting the best deals out of them.
It must be very difficult for marketing executives to develop a plan to secure my business because so unpredictable and opportunistic have my shopping strategies become I find them almost impossible to forecast myself. I have to confess to being still brand loyal in a few categories but they’re becoming decidedly fewer.
The best chance by far for marketing executives at both retailers and brand suppliers to snare my business is through using SpotLite.
SpotLite is a state of the art price-tracking system. It provides a complete real-time report of prices in the required brand or retail category at intervals that can reduce to as little as one hour depending on the selected plan. Further than that, the report always includes complete historical pricing data. It fits any industry, any size and any geography.
In the current market environment where pricing is so critical to competitiveness there is nothing to match the benefits that SpotLite can bring to marketing operations. The current and historical pricing data it provides enables high quality decision-making not merely about proactive and reactive pricing initiatives but promotions and brand advertising as well.
Not only does SpotLite offer the chance of a competitive edge, it also offers very competitive pricing and the opportunity of a 30 day free trial without having to provide a credit card. It is Australia’s first price-tracking solution and has been especially tailored to suit local market conditions.
It has one other vital benefit. It offers both retailers and brands the data they need to strike the right balance between attracting the business of price-conscious consumers like me while still maintaining a satisfactory level of profit.