Are people loyal to brands?mp3

[00:00.40] You might have heard the term 'brand loyalty'.

[00:05.19] As we enter a 5th generation of console releases, with Sony's PS5 and Microsoft's Xbox series X due to hit our shelves this year, once more psychologists are predicting a wave of purchases based on fidelity.

[00:20.86] But why do people feel compelled to stick with brands?

[00:25.11] Writer Carol M. Bopp describes brand loyalty as a positive feeling that consumers identify with a certain product or company.

[00:35.20] This also draws on the idea of brand awareness: the extent to which customers are familiar with the logo or values of a brand, goods or a service.

[00:46.36] Huge companies pump millions into marketing and advertising, using analytics to determine who is their ICP, or ideal customer profile.

[00:58.05] It’s no surprise that the ads which pop up on social media somehow feel targeted at or tailored for you.

[01:06.28] This is because companies spend a lot of time and money analysing who is most likely to become loyal customers.

[01:15.04] This extends to the supermarkets.

[01:21.68] Many believe that the more expensive branded products are much better than the supermarkets’ own brand.

[01:25.14] Money-saving experts like Martin Lewis, encourage us to give up the premium or branded products and buy the value versions.

[01:35.76] So, are we really brand loyal?

[01:40.02] Companies certainly want us to be.

[01:41.07] But there are those who believe it's more to do with brand habit – that feeling of comfort you get from buying the same product over and over again.

[01:51.97] Once we’re familiar with a brand and we know that it's OK, we don't feel compelled to try anything else.

[01:59.14] So, the next time you find yourself buying your favourite brand, it might not be down to brand loyalty, but rather to habit, or even that you have been targeted by a specific company through tailored ads.