Brand loyalty is extremely important for every restaurant and retail store big or small. Brand Keys recently released their 2013 Customer Loyalty Engagement Index, which forecasts customer devotion across brands.
To make such predictions there is a lot of math involved and highly secretive algorithms. Brand Keys states they are “the only research consultancy in the world that specializes in uncovering what makes customer loyalty happen, providing the psychologically-based metrics that accurately predict future consumer behavior in a category.”
How it works is they compare each brand to a calculated “category ideal” and predict the brands that will be the closest to meeting or even exceeding these ideals.
As a small restaurant or retail store owner, it is important to understand customer loyalty. While, you may not be able to compare you can at least get a sense of what is working and what isn’t for these major brands.
For example Dunkin Donuts was the winner for the brand with the most loyal buyers over Starbucks. You might take this into consideration for which coffee you use or sell.
Do not forget that are still your own brand. But it is important to always keep your ear to the ground so that you can stay on top of what is going on in your industry.
To learn more about Brand Keys and request a full copy of their 2013 Customer Loyalty Engagement Index click here.
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