If retaining a customer costs less than acquiring a new one, what can you do to ensure that your customers stay loyal to your brand? What percentage of consumers, if any, are still loyal to brands? What is more important, customer service or brand ethics?

Wikibuy set out to answer these questions. They conducted a survey with 5,000 respondents to understand the average consumer’s view of brand loyalty. Skip to the results below to learn everything you need to know about fostering and maintaining brand loyalty.

The main findings are:

• 43% of customers consider themselves loyal to brands
• Product quality is the most important factor in brand loyalty
• 52% of customers say they recommend products and services from their favorite brands to others

Though the amount of consumers who believe they are brand loyal has decreased in recent years, it’s still crucial that your business focus on keeping customers loyal. The best way to do this is by ensuring a great product or a full refund. People don’t like risky purchases, and they’ll keep buying from you if you have a high quality product or service.

The best part about gaining loyal customers is that they do the customer acquisition work for you. By casually recommending your brand to their friends and family, they will persuade other people to purchase from your company.

Provided you keep up your efforts, the new customers will become loyal and tell even more people about your brand. The cycle continues to increase your customer base and bottom line exponentially.

Check out the rest of the survey findings below, and incorporate them into your business and marketing strategy to inspire brand loyalty.

All graphics from https://wikibuy.com/

This article courtesy of Luke Fernandez who runs Growth at Wikibuy, a consumer product that helps shoppers know when, where, and what to buy. As a Product and Growth leader, Luke has helped Fortune 500 companies and startups alike drive best-in-class marketing through technology and data.