A new report finds 70 per cent of customers surveyed are open to better quality products
Meaningful relationships keep customers coming back over the long term. Focusing on building these customer relationships and their experience with the business can go a long way toward improving brand loyalty.
According to the latest report released by consumer intelligence firm Talkwalker, 72 per cent of surveyed GCC customers expressed strong loyalty to brands they currently use. However, 70 per cent also stated that they are open to new brands if the quality of products is worth buying. According to the survey, GCC consumers see the quality-to-price ratio as the key driver of their loyalty to a brand.
The consumer’s experience with the brand extends beyond the product. This has become apparent as more consumers embrace a hybrid lifestyle, interacting with brands at various touchpoints – many of which are immeasurable.
The report titled Evolving Consumer Behaviour in the GCC during Ramadan 2022 reveals the shifts in consumer preferences, priorities, and behaviour towards consumer packed goods (CPG) brands during the past Ramadan season. The report looks at the factors consumers consider when comparing brands and reveals the key drivers of repeat purchases among GCC consumers.
Interestingly, GCC consumers have identified “past experiences with the brand” as one of the most important factors that drive repeat purchases.
The consumer’s experience with the brand extends beyond the product. This has become apparent as more consumers embrace a hybrid lifestyle and thus interact with the brand at various touchpoints – many of which are immeasurable. These experiences eventually add up and lead to the third most important factor for consumers: trust.
The report also attempts to find whether GCC consumers feel emotionally attached to brands and remain loyal to them. Consumer closeness enables brands to transform data into real-time consumer insight, effortlessly guide decision-making, and drive brand growth. The report concluded that brands that lead in terms of customer-centricity grow nearly three times faster than the industry average.
Consumers in the GCC are constantly developing new preferences and consumption behaviour, influenced by social, cultural, personal, and psychological factors. However, at the same time, consumers want more value from the brands and products they interact with.
According to the report, brands must create consumer-close frameworks on the fronts of data, technology, and people.
- Consumer-close data frameworks leverage AI-powered platforms to analyse huge amounts of data that are being collected, sorted, and visualised in real-time
- Consumer-close technology that is customisable to the brand’s needs
- Consumer-close people: Having the right talent in place with the needed skill set is critical