London, March 2009
New research reveals that shoppers are prepared to ditch their usual brands in favour of a bargain– suggesting that brand loyalty has been over-estimated during the economic boom.
A comprehensive poll of 3,000 British shoppers by brand engagement specialists Kyp Systems found that almost four in ten shoppers (39%) were more likely to ditch a brand that they had been loyal to, if they can get a bargain elsewhere.
Shoppers will sacrifice high levels of customer service, green credentials and tradition unless they are persuaded not to.
The poll revealed that for post-recession shoppers on Britain’s high streets today’s price is more important than yesterday’s good service with 44% of respondents saying they were more actively hunting bargains than before.
Nicholas Miller, CEO of Kyp Systems, said: “The recession will reveal how many “loyal brand users” are in fact “fair-weather consumers”.
“For big brands, the results of our poll reveal the importance of effectively communicating with and engaging existing customers. This has been an area of interest for us as we advise our clients on ways to better engage with their customers – we know that every penny counts during a recession.
“So the advice is simple - if you don’t take steps to engage then you will lose business to a smarter, cheaper rival – even if that rival cannot offer the same standards.
“There is also a very clear message for new businesses in these results – if you catch a consumer’s interest and keep it – then you have a real opportunity to win their custom.
“This is a once in a generation opportunity for ambitious young marketers.”
ENDS