Product quality, consistency and value for money are the most important criteria which influence brand loyalty of consumers in India, says a new study.
The survey by KPMG revealed that 47 percent Indian consumers remain loyal to a favourite brand even after a bad experience.
“The study in India revealed that when a consumer is loyal to a brand, 93 percent will recommend it to their family and friends,” Harsha Razdan, Partner and Head, Consumer Markets and Internet Business, KPMG in India, said in a statement.
“The fact that over 55 percent of consumers in India say they will buy from their favourite company even if it is cheaper and more convenient to buy from a rival company is further proof that loyalty endures,” Razdan said.
The survey included over 18,000 consumers in 20 countries, with 1,721 being from India.
The results showed that 84 percent of the respondents in India believe in loyalty programmes and are more likely to buy new products offered by the company.
Brand loyalty doesn’t only earn companies repeat business from their loyal customers – over 86 percent of consumers globally said they would recommend a brand they loved to friends and family, said the study titled “The truth about customer loyalty – The world’s consumers reveal what keeps them coming back”.
In terms of earning customer loyalty, 59 percent of the consumers surveyed globally said they are loyal to their favourite brand because of a personal connection compared to 74 percent in India.
Three in four consumers globally said their loyalty was driven by product quality compared to 81 percent in India, 66 percent consumers globally as compared to 74 percent in India said their loyalty was driven by value for money and 57 percent consumers globally as compared to 73 percent in India said their loyalty was driven by customer service.