Everyone has a price. It would take more than $220,000 to bribe customers away from their favorite product, according to a study by Rbb Communications.
The fourth annual Breakout Brands survey found for 43% of American consumers surveyed, no amount of money is enough, and 93% of this group would actually pay more for a brand they feel an emotional connection with (a 10% increase from 2012 survey results).
The report offers insights on the benefit of reward programs and details what consumers expect from brands in the next five years. It also lists consumer picks of the top ten Breakout Brands in the U.S. This year, Applebumped last year’s winner, Amazon, to take the number one spot.
The survey reinforces the importance of creating emotional connections between buyers and brands, says Christine Barney, CEO, Rbb Communications.
“The fact that 43% of consumers said no amount of money could get them to give up their favorites is a huge indicator that connections drive loyalty,” Barney tells Marketing Daily. “The bottom-line impact of putting customers first is clear.”
Companies can achieve that emotional connection and see the impact on the bottom line by adopting the key tenets of Breakout Brands: Put the customer first, innovate, and communicate with soul, she adds.
With impulse purchasing at an all-time low of just 9%, a high value should be placed on brand loyalty. The BreakoutBrands survey found that more than 90% of consumers conduct some form of research before making a purchase decision. Brand reviews and recommendations — positive and negative — weigh heavily, reinforcing the need for brands to invest in robust customer service and communications to retain and grow market share.
In addition to studying loyalty and the purchase decision-making process, the survey also evaluated buying attitudes between those in a relationship and different age demographics.
Sixty-two percent of consumers would allow a significant other to make all of their major purchase decisions for the next six months. More than 65% of consumers said they will be loyal to a company that provides value as defined by best quality for the best price, whereas poor-quality products and bad customer service are the top reasons why Americans leave a brand.
Gen Z, Gen X and Millennials were more likely to pay 50-100% more for a product they felt put them first, over value, customer service and experience (compared to Boomers), and are more likely to want a customized product.
The study was conducted by Wakefield Research, which surveyed 1,162 adults nationally between Oct. 5 and Oct. 12, 2016, using an email invitation and online survey. Quotas were set to ensure reliable and accurate representation of the U.S. adult population ages 18 and older.