<\/p>\n
Measuring Brand Loyalty: 5 Key Metrics<\/h2>\n
<\/p>\n
1. Customer Satisfaction<\/b><\/h3>\n
<\/p>\n
Satisfied customers tend to be loyal to their favorite brands and repeatedly make purchases. Your job, and the challenging part, is to understand what motivates them to make those repeat purchases<\/a>. You can better understand if your products, services, and brand as a whole are meeting their expectations by asking questions and analyzing their answers<\/b>. Ask your customers questions like:<\/p>\n Understanding why (or why not) your customers stay loyal to your brand can help you make the changes needed to keep them from going to your competitors.<\/p>\n <\/p>\n <\/p>\n Every brand has to earn and retain its customers\u2019 trust to ensure brand loyalty; this is especially true for a company that handles sensitive information, like online retailers, financial institutions, and healthcare providers. Trust is a powerful commodity; you want your customers to have trust in your brand, services, and products<\/b>. To assess how much trust customers have for your brand, ask them questions like:<\/p>\n The answers to these questions will allow you to identify what is (and is not) working with your brand marketing and gives you a list of actionable items on ways to increase your brand trust.<\/p>\n <\/p>\n <\/p>\n <\/p>\n Brand awareness is used to describe and measure the amount of reach and familiarity that your brand has. If your brand isn\u2019t easily recognizable, you can take steps to become more memorable and impactful<\/b>. To get more insight into your brand awareness, ask questions to your customers like:<\/p>\n Brand awareness can be tricky, but doing things like redesigning your logo<\/a>, increasing marketing campaigns, or updating the copy on your website can help further your reach and build awareness and loyalty.<\/p>\n <\/p>\n Related: <\/b>12 Steps To Achieve Successful Corporate Branding<\/b><\/a><\/p>\n <\/p>\n <\/p>\n Brand esteem is how much respect for and attraction to your brand a customer has. Unlike brand awareness, which only shows if people recognize it or not, brand esteem measures how favorably your company is seen by the public<\/b>. After determining if a customer is familiar with your brand, you can ask them questions like these to determine brand esteem:<\/p>\n Brand awareness is almost always a good thing, but by measuring your brand\u2019s esteem, you can ensure that you are getting recognized for positive things rather than negative ones.<\/p>\n <\/p>\n <\/p>\n Gauging the way your customers view the quality of your brand is essential; if they don\u2019t believe that your products or services fulfill their expectations, the other metrics become less important. If your company becomes known as a low-quality brand, it can be difficult to break that perception<\/b>. To measure your brand quality, ask questions like:<\/p>\n You typically want to measure your brand value comparatively to your brand\u2019s quality<\/b>; if you\u2019re seen as having low-quality products or services and have higher than average prices, you\u2019ll lose business. Luckily, this is something you can remedy. To assess your brand\u2019s value, ask questions like:<\/p>\n <\/p>\n Related: <\/b>8 Ways To Extend Your Marketing Messages Post-event<\/b><\/a><\/p>\n <\/p>\n <\/p>\n Here\u2019s a bonus way to measure your brand loyalty; look at your repurchase ratio<\/b><\/a>. It\u2019s not difficult to calculate, and it can give you additional insights into your customers.<\/p>\n For subscription models:<\/b> you can find your repurchase ratio by taking the number of customers who renew their subscription and divide that by the number of ones who canceled.<\/p>\n For regular transactions:<\/b> calculate your repurchase ratio by finding the difference between customers that made an additional transaction after their first purchase.<\/p>\n High ratios and low ratios mean that your customers are or are not loyal to your brand, respectively. For industries without much competition, the ratio may be distorted and won\u2019t be as accurate.<\/p>\n <\/p>\n <\/p>\n Finding out why your customers are loyal to your brand is just as important as seeing why they are not loyal. Using surveys and asking some of the questions listed above can help you gain critical insights on improving your overall brand loyalty and help you retain customers to continue growing and scaling<\/b>.<\/p>\n Let 1338Tryon help you build brand loyalty through marketing asset programs, global sourcing initiatives, recognition programs, and branded merchandise.<\/p>\n <\/p>\n Could your brand loyalty be better? <\/i><\/b>Reach out to us today<\/i><\/b><\/a>, and we\u2019ll help you create high-quality, impactful promotional programs to grow your brand!<\/i><\/b><\/p>\n <\/p>\n\n
2. Brand Trust<\/b><\/h3>\n
\n
3. Brand Awareness<\/b><\/h3>\n
![\"\"](\"https:\/\/www.1338tryon.com\/wp-content\/uploads\/2021\/03\/Measuring-brand-loyalty-with-brand-awareness-1024x684.jpg\")
<\/p>\n\n
4. Brand Esteem<\/b><\/h3>\n
\n
5. Brand Quality and Value<\/b><\/h3>\n
\n
\n
Calculating the Repurchase Ratio<\/h2>\n
Build Brand Loyalty With 1338Tryon<\/h2>\n
![\"Build](\"https:\/\/www.1338tryon.com\/wp-content\/uploads\/2021\/03\/Build-your-brand-loyalty-with-1338Tryon-1024x673.jpg\")
<\/p>\n