How Innovation Affects Brand Loyalty

Retention Rate is the best indicator of a company's long term viability. Understanding the four types of purchasing styles - Brand Laziness, Brand Loyalty, Variety Seekers, and Problem Solvers can be helpful in retaining customers. For example, for Brand Laziness, it's important not to disrupt the purchase flow, while for Brand Loyalty, consistency is key. Variety Seekers can be locked in with free trials, discounts, and loyalty programs, and Problem Solvers need as much information as possible about the product or service. The best innovators understand each type of loyalty so they can continue to provide their customers with what they want.