A great product or service is no longer enough. Your company has to be respectable in order to sustain customer loyalty. Buyers expect your company to stand up for its values over and above making a profit. In the article linked below, Darren Evans suggests that your leadership has to answer the question: "our brand exists to ...." If your brand doesn't have a specific plan to make the world a better place, then why should I be loyal?
Research findings published in October highlighted that two-thirds of global consumers now buy on belief – a staggering statistic up 13 points on the previous year. The takeaway point from the 2018 Earned Brand study, if I had to cite only one, is that what a brand stands for now matters more than ever. People will choose – or switch to – a brand that matches their personal values and has a positive societal impact. They want to feel something.
Marketers reading this stat for the first time may presume the trend is being influenced by the millennial generation, but interestingly, belief-driven buyers now dominate every demographic, irrespective of age or income. Almost as many consumers aged 35-to-54 are said to buy on belief as 18-to-34-year-olds, for instance.