Brand loyalty is an increasingly fickle thing to keep track of in such a fast-changing media landscape, but it’s critically important to know where your brand sits competitively. These insights could help your brand identify significant acquisition opportunities that may exist or better understand the mechanisms you have to increase retention.
Understanding Your Market Position
One of the most telling ways to understand if your brand is poised for growth or vulnerable to decline within the category is to pay attention to both behavioral loyalty (actual market share based on purchase data) and attitudinal equity (consumer attitudes and perceptions toward your brand). This shows the opportunity you have to leverage attitudinal equity to grow through acquisition.
Based on the attitudinal equity and current position in the market, Dunkin’ Donuts® has an opportunity to acquire up to 32 percent of current category purchasers from competitors, which would equate to an increase of 4.78 million new customers.
Bringing Together Big Data and Survey Learnings
Knowing your market opportunity is a great start, but having robust survey data will provide insights on the drivers and barriers for acquiring those potential customers. For the coffee market for example, quality of the coffee is a stronger purchase consideration for competitors’ flight risks than the price point.
Learn more about the grocery coffee category including which brands have acquisition or retention opportunities.
If you are interested in understanding what this could look like for your brand, reach out to GutCheck.