New Bond Brand Loyalty Study Shows Less Than a Third of Canadians Love Their Cars
TORONTO, Feb. 18, 2016 /CNW/ - Thanks to low interest rates, inexpensive gas, pent up demand and other factors, Canadian auto sales have reached record levels in recent years—but new research shows that brands need to do a better job at managing the loyalty of their customers in order to keep the sales gains they have achieved.
The Canadian Automotive Brand Telemetry Report, released today by Bond Brand Loyalty, evaluates the strengths, weaknesses and opportunities on the ever-changing road toward customer engagement and devotion.
Bond surveyed 2,000 Canadians who were asked about their current vehicle, and what they plan to purchase next. The study included a comprehensive look at 19 brands from Asian, European and North American manufacturers. Key findings include:
- Only 29 percent of Canadians are "very satisfied" with their current vehicles; one-half (51 percent) are "satisfied." Asian automotive brands had the highest level of satisfaction, followed by European, and then North American brands.
- Half of Canadians (50 percent) will choose a different brand of automobile the next time they're in the market.
- 40 percent of automotive loyalty is based on product and service components; 60 percent is based on a variety of Emotional, Personality and Needs Fulfillment evaluation elements.
- Luxury brands did better in areas related to emotion such as Pride, Confidence and Happiness. This is an area of opportunity for non-luxury brands since this translates to potential for brand growth, differentiation and the ability to retain customers.
"There's a lot here for automotive brands to consider," said Paul McCallum, Vice-President, Automotive at Bond Brand Loyalty. "The automotive market is hyper-competitive, and understanding how to differentiate your brand is increasingly important. Brand loyalty goes beyond individual car options and attributes, and incorporates consumer emotions, needs fulfillment and brand personality in addition to the functional elements."
In developing this study, Bond Brand Loyalty applied its unique Brand Telemetry methodology, a differentiated approach rooted in Formula 1 racing. In F1, telemetry continuously communicates information about the race car back to the pit crew, so they can make adjustments to improve the car. "Telemetry helps brands understand the many facets of their brand, so they can make meaningful improvements," said Kyle Davies, Director, Marketing Research at Bond Brand Loyalty. "We are obsessed with understanding what drives brand loyalty. Our approach integrates product and service evaluations with emotional drivers, brand personality and other key factors to provide marketers with the most complete view of how their brands are performing."
Bond works with numerous brands to design, implement and drive experiences that matter. Through channel, employee and consumer programs, Bond Brand Loyalty enables leading companies to empower, engage and motivate employees, inspire customer endearment, create brand loyalty, and bring brand promises to life in very personal and meaningful ways.
"In the automotive industry, there is a lot of emphasis on the product itself, and rightfully so," McCallum said. "But capturing—and holding—the devotion of today's consumer will take a lot more than adding the latest tech components. Customer needs and desires continue to shift, and auto manufacturers who can recognize and make the most of the customer experience and the emotional aspects involved in the customer journey will fare much better in the future."
Click here to download a summary copy of the Canadian Automotive Brand Telemetry Report.
About Bond Brand Loyalty
Bond Brand Loyalty, formerly Maritz Canada and Maritz Loyalty Marketing, is a management-owned agency that specializes in building brand loyalty for North America's most influential and valuable brands. Our mission is to make marketing more rewarding for customers, richer and more resilient for brands and more profitable for our clients. We build measurable, authentic and long-lasting relationships through a combination of services that includes loyalty solutions, customer experience, marketing research, customer analytics, live brand experiences and proprietary loyalty technology platforms. Visit our website, follow us on Twitter or contact us at 1-844-277-2663.
SOURCE Bond Brand Loyalty
Image with caption: "The Canadian Automotive Brand Telemetry Report (CNW Group/Bond Brand Loyalty)". Image available at: http://photos.newswire.ca/images/download/20160217_C4592_PHOTO_EN_623485.jpg
For further information: Richard Lane, 905.696.5319, firstname.lastname@example.org