The fourth annual Breakout BrandsTM survey* by rbb Communications found it would take more than $220,000 to bribe customers away from their favorite product. For 43 percent of American consumers surveyed, no amount of money is enough, and 93 percent of this group would actually pay more for a brand they feel an emotional connection with (a 10 percent increase from 2012 survey results).
“Creating emotional connections between customers and brands is priceless,” says Christine Barney, CEO of rbb Communications. “Companies can achieve that emotional connection and see the impact on the bottom line by adopting the key tenants of Breakout Brands – put the customer first, innovate, and communicate with soul.”
With impulse purchasing at an all-time low of just 9 percent, a high value should be placed on brand loyalty. The Breakout BrandsTM survey found that more than 90 percent of consumers conduct some form of research before making a purchase decision. Brand reviews and recommendations – both positive and negative — weigh heavily, reinforcing the need for brands to invest in robust customer service and communications to retain and grow market share.
In addition to studying loyalty and the purchase decision-making process, the survey also evaluated buying attitudes between those in a relationship and different age demographics. Notable findings included:
- If you like it, I will too. 62 percent of consumers would allow a significant other to make all of their major purchase decisions for the next six months.
- Should I stay or should I go? More than 65 percent of consumers said they will be loyal to a company that provides value as defined by best quality for the best price, whereas poor quality products and bad customer service are the top reasons why Americans leave a brand.
- Paying more for love. Gen Z, Gen X and Millennials were more likely to pay 50-100 percent more for a product they felt put them first, over value, customer service and experience (compared to Boomers), and are more likely to want a customized product.
The report offers insights on the benefit of reward programs and details what consumers expect from brands in the next five years. It also lists consumer picks of the top ten Breakout Brands in the U.S. This year Apple® bumped last year’s winner, Amazon®, to take the number one spot.
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About Breakout Brands TM
* The rbb Communications study conducted by Wakefield Research surveyed 1,162 adults nationally between Oct. 5 and Oct. 12, 2016, using an email invitation and online survey. Quotas were set to ensure reliable and accurate representation of the U.S. adult population ages 18+.