‘Company loyalty’ is a new term I heard recently from Sriram, co-founder of Crossword book stores and now an independent marketing and retail consultant. Should consumers be loyal to their brand OR companies be loyal to their consumers?
The tables are perhaps turning. With innumerable choices, commoditization of many services and products, consumers have no reason to be loyal to any brand. Or if there is a reason, what could they be?
Brands are often described as a symbol of promise. As what people think, feel and experience about a product or service. And in turn it is an expectation. If the experiences are richer and expectations are consistently met, then there is loyalty.
Yet it is complex. To understand what goes in the minds of people and what the motivations are.
I have been a great fan of Onida brand, ever since I came across the brand in the late 80s. The reason was the perception it built that it is great in sound quality and overall product quality. That perception continued to remain with me. Ten years back, when I bought a television, I waited for over a week to get a specific model of the brand. The dealer tried convincing me to go for other brands when the consignment from the company started getting delayed. Every evening I would go religiously to check whether it has come. Four years back, when I bought a DVD player, it was Onida. Today, with many technological advances and commoditization of technology, I don’t’ know whether Onida is the best. Yet, when I change my TV, most likely it is going to be Onida. Somewhere and somehow it has become an emotional connect.
