British Businesses Hampered by Brand Loyalty
Brand loyalty has fast become somewhat of an outdated term. Looking back to when the majority of our shopping was carried out in traditional brick & mortar stores, it was reasonable that we’d shop in the places we knew, and the places we liked the most. After all, we weren’t able to visit every shop in the UK during a single shopping trip! This has, of course, worked to form the building blocks of brand loyalty.
But things are different now. The rise in ecommerce now spells the death of brand loyalty in the UK. Comparison websites, for example, allow us to ‘visit’ several different stores in just seconds, whether we’re visiting a book store, an appliance store, or a communications store selling leased lines, helping us to discover new brands, and see who’s offering our favourite brands for a lower price. However, the death of brand loyalty is mostly seen amongst consumers, and not really amongst business customers.
Brand Loyalty in Businesses
Reports show that business customers are still pretty loyal. In fact, only 1 in 4 businesses are willing to switch from their existing internet provider to a new provider, regardless of whether the alternative offers a wide range of products, like leased lines, or more attractive prices, according to a survey by EY. This reluctance could be significantly hampering businesses, preventing them from growing and developing at a rate that’s quick enough to keep them relevant, and stay ahead of the competition.
At a time when consumers are expanding their horizons, businesses are being urged to do the same; to look after themselves and focus on their best interests. Here are some of the reasons to switch:
- Rates vary considerably between suppliers; one may be offering a lower rate than another.
- Product selection also varies. Some may offer advanced products, like leased lines.
- Many providers offer attractive deals in a bid to entice new business customers.
- New ofcom regulations make it easy to switch phone, broadband, gas, energy, and leased lines.
- Comparison sites like Leased Line Comparison find rates from a number of providers.
What could switching mean for your business? It could mean a faster, more reliable service, especially if opting for an advanced product like a leased line, and lower rates. Ultimately, these small changes could help you to improve communications, boost customer service, and able businesses to take further growth and development opportunities, enhancing profitability and reputation, both locally and globally.
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