Authors: Elena Kouremenou, Erifili-Christina Chatzopoulou

Title: Factors affecting brand loyalty in the Fast Moving Consumer Goods Industry in times of economic downturn.

Abstract

Nowadays, consumers can choose the brand/ product of their preference among many alternatives. Besides all other challenges of competitive markets, marketers also face the challenge of keeping their customers loyal in order to have a sustainable business.

This study will try to draw attention to the importance of loyalty as a competitive advantage. Especially in the FMCG sector where brands do not have a direct contact with consumers, the sense of loyalty becomes even more complex and necessary. Firstly, through literature review, our focus will be to understand what loyalty is and identify factors affecting it. Market Research was conducted on a sample of 198 consumers of mops. According to the results of our qualitative research, for the specific market, all attributes correlate with loyalty but those that have a predictive ability are: satisfaction, switching cost, habitual buying. Marketers should cultivate these elements in order to make their consumers loyal.

It is also important to implement CRM and Community Management strategies. Especially in the FMCG market where companies do not have a direct contact with consumers. Companies should take advantage of the direct and open communication channel than technology and internet can offer by creating an emotional bond with consumers and by making them their ambassadors.