In marketing, brand loyalty indicates consumers’ commitment to repurchasing and continuously using brands – but keeping that allegiance is tricky. To find the brands customers are abandoning, 24/7 Wall St. reviewed Brand Keys Customer Loyalty Leaders List 2022, which provides the loyalty rankings for 100 brands. (These are the top brands, out of the 1,624 assessed in 142 industry categories in its Brand Keys Customer Loyalty Engagement Index.)
We ranked brands by the number of spots they declined in Brand Keys ranking from 2021 to 2022. To break ties, we used the 2022 rank. We also added the company’s market share in the related industry from IBISWorld, an industry market research provider, or from another source (noted).
According to Brand Keys, there were some changes post-pandemic. A classic example is Purell, which has experienced the sharpest decline in brand loyalty ranking as the public no longer sees the need to hoard hand sanitizer. (See also the brand that had customer loyalty destroyed.)
Bad press can also quickly turn off a faithful customer. For example, the Call of Duty franchise lost about 50 million players over the past year, following a series of lawsuits and allegations of discrimination and workplace intimidation against its publisher, Activision Blizzard. The franchise brand dropped 12 spots in the loyalty ranking.
Similarly, Twitter has been in the news ever since Elon Musk made a bid to buy it only to then try and back out of the deal. A whistleblower accusing the company of security flaws, added to the fire. The social media platform’s loyalty ranking has dropped nine spots over the past year, likely in part thanks to these issues. (See America’s most hated companies.)
Click here to see which brands customers are abandoning.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Source: Read Full Article