Value for money top of the list in building brand loyalty - report

GetApp, the app comparison website for small businesses, has unveiled the results of its latest study, which investigates what brand loyalty means for consumers and how small-to-midsize enterprises (SMEs) can leverage their brand reputation to promote customer loyalty.

GetApp surveyed 1,007 participants in Australia to determine what loyalty towards a brand means to them.

When asked which brand characteristics they think are essential for building customer loyalty, value for money was the most popular, chosen by 77% of the respondents, followed by the quality of products and services (64%).

Overall, 57% of respondents chose building loyalty as the third most important characteristic. Other incentives to drive customers to buy from a new brand are reviews, cited by 54% of respondents, which can help influence a purchasing decision.

The study indicates that loyal customers can themselves become advocates for a brand. The majority (79%) of survey-takers said they would recommend a brand to their family and friends to express their loyalty, promote a brand's reputation, and help acquire new customers.

Another popular way of showing loyalty to a brand is by joining a loyalty program, selected by over half of the respondents (57%). 72% of respondents said they would engage with their favourite brands by downloading their mobile app if they had one.

Among those who would do so, 76% of respondents would like a brand's app to have a loyalty program feature. When considering how SMEs could improve customer experience, the study found that 76% of respondents want to receive communications from their favourite brands.

When sharing personal data and information with brands, most respondents (78%) selected that the kind of information they would be most willing to share with brands is their email address (78%). This is followed by 74% who are willing to share their sex/gender identity information (74%) and 72% who are happy to share their birthday and age information (72%).

Most survey-takers (67%) rarely stop buying from a brand if they are satisfied with the product or service. Of those customers who stopped buying from a brand during 2022, just over half (51%) said they stopped doing so because of a price increase. However, 28% of those who stopped buying from a brand in 2022 did so because of a reduction in quality.

Andrew Blair, Content Analyst at GetApp Australia, says, "Building a reputable brand can go a long way to secure customer loyalty for a business. Most Australian participants in our study say they express their loyalty by recommending a brand to their family and friends. The benefits of customer loyalty genuinely create brand ambassadors, who promote a brand's reputation and acquire new customers."

GetApp's Loyalty Program Survey data was collected in November 2022. Results comprise responses from 1,007 Australian participants. The criteria to be selected for this study are to be an Australian resident and aged 18 or older.

GetApp is the recommendation engine that enables small businesses to make the right software choice for them. Geared towards SMEs, GetApp is designed to deliver the tailored, data-driven recommendations and insights required to make informed software purchasing decisions.