brand loyalty

brand loyalty definition - business

brand loyalty

The degree to which consumers prefer and continue to purchase the same brand within a product or service category. Brand loyalty results in improved sales volume and the ability to charge a premium price.

What are some actions my company can take to improve brand loyalty for our products?

If you are selling services, brand loyalty is built by bringing consistent value to your customer. If you bring new ideas to your customer, understand his or her marketplace as well as his or her specific business needs, and flawlessly execute on the services you provide, a customer will be much more likely to give you business in the future, as your company name will be associated with superior value.

E. Mace Lewis, Vice President, Business Development, QD Healthcare Group, Greenwich, CT

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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