The big question many people are asking today is, is a recession coming? There are a lot of signs that indicate the answer could be yes and that it could happen any time now. Based on a research perform by Lensa, creating brand loyalty is the pinnacle of effective hiring techniques, and here is why.
Tariffs and trade wars have the potential to create a real problem in the economy right now. The tariffs that are on are hurting American farmers, although the US government is kind of filling in the gap. They are also starting to impact technology companies and obviously, if we hold the tariffs on and raise the price of goods in the United States, consumers are gonna feel that as well as drag the country right down into a recession.
The inverted yield curve is also an indicator that economists consider one of the best predictors that a recession is near. We are now seeing the most dramatic inverted yield curve that we’ve seen in 12 years. The last time there was a curve similar to the current one was right before the Great Recession in 2007.
Now, what should you do to prepare now for a recession that could come soon? Good question. You need to take steps to protect yourself and also take some steps that will let you take advantage of the amazing opportunities that a recession offers to good investors who know how to spot these opportunities. The main focus today is brand loyalty, more specifically, how to build it and how to keep it.
Building brand loyalty is a key to success for many businesses, and if you haven’t thought about how you can create loyalty towards your business, you’re missing out on a key tactic for business success. Building lifelong relationships with your customers are what makes a brand last in every business out there. Building brand loyalty can get employees to start thinking about how they can turn customers into friends, into fans, and in turn, make them loyal to your business. So what is brand loyalty? It’s when customers have a strong positive emotional feeling towards your brand and, as a result, keep coming back time and time again.
An exceptional example of brand loyalty is Apple. Apple designs and produces well-made technology products. Now, a Windows laptop or a Windows desktop machine is always going to be cheaper than a MacBook or an iMac; however, Apple has done such a good job with branding and building brand loyalty that customers are willing to pay a higher price for a lower-tech spec. So, how do you get to the stage where customers pick your business over your competitors every time? By building loyalty with them. Let’s dive in and see how you can do just that.
What Makes You Unique
The first stage of building brand loyalty is by offering something unique that nobody else can. Apple does this by designing fantastic products. If you ran a spa or a hotel, you could provide out-of-this-world service, dining, and entertainment. As your business goes on, word will spread, people come back, you target them with a relevant offer, and suddenly, you start to lay positive reactions to your customers and that loyalty will start to grow.
It’s important to find your focus and let that inform all the other parts of your brand as you build it. Focus on the qualities and benefits that make your company branding unique.
During a recession, it is easy to start cutting funds and placing hiring freezes on your business. Everyone wants to save money during a recession, however, if you start cutting corners with your product that will be detrimental to your business. Consistency is a crucial element in building loyalty. Customers will form a particular perception of your brand and want to feel it every time they interact with it. So, brand consistency comes in the form of an excellent experience to be continuously delivered to your customers.
Your customers should be familiar with your product and they should know what to expect. Building a brand doesn’t stop with creating a logo or slogan or even with your brand awareness launch. Your brand needs to exist and remain consistent wherever your customers interact with you. The cornerstone of virtually everything having to do with branding has to do with consistency. You must be consistent in your visual branding and your brand’s verbal and written communication.
You also have to be consistent in the quality and delivery of your products and services. Having consistent customer experiences and having consistent customer support when something goes wrong is also really critical to building brand loyalty. Loyalty of any kind comes from trustworthiness. Keeping the consistency of your business is crucial to people trusting and coming back to you.
It is understandable that during a recession, business owners are wary of spending money and are primarily focused on bringing in as much business as possible while spending the least amount of money possible. Giving away things for free and creating loyalty programs are not on the minds of most company owners during a recession, but it is important to remember that your business depends on customers, so it is crucial to make your customers feel appreciated.
Rewarding loyalty when customers come back to you again and again, which is what brand loyalty is all about, has to be recognized. You have to let your customers know that you appreciate them. You can reward them with discounts or free products after a certain number of purchases. You can upgrade them as hotels and airlines do by creating loyalty programs.
Loyalty programs also have the added allure of kind of gamifying the brand experience, making it fun. Loyalty programs have a tendency to make people think about the brand more often too as they track their rewards.