Holmes Report 20 Nov 2016 // 1:35PM GMT
It would take more than $220,000 to bribe customers away from their favorite product, according to the fourth annual Breakout Brands survey by rbb Communications. And for 43% of American consumers surveyed, no amount of money is enough; 93% of this group say they would actually pay more for a brand they feel an emotional connection with (a 10% increase from 2012 survey results).
“Creating emotional connections between customers and brands is priceless,” says Christine Barney, CEO of rbb Communications. “Companies can achieve that emotional connection and see the impact on the bottom line by adopting the key tenants of Breakout Brands – put the customer first, innovate, and communicate with soul.”
The survey also found that more than 90% of consumers conduct some form of research before making a purchase decision. Brand reviews and recommendations—both 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. Notable findings included:
- 62% 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.