Premium Essay

Brand Loyalty Buying Cosmetic Product

In: Business and Management

Submitted By marvz
Words 549
Pages 3
An estimated 80 percent of Net-savvy Filipino consumers would buy new products from familiar brands rather than switch to a new brand, according to a study recently released by market research firm Nielsen.

The trend reveals a higher level of brand loyalty among locals compared to the global trend which shows 60 percent of consumers around the world with Internet access prefer to buy new products from familiar brands.

“Introducing innovations on established brands that are already trusted by consumers can be a powerful strategy,” Nielsen Philippines managing director Stuart Jamieson says in a statement.

“Millions of dollars are being spent on new product innovation by manufacturers, yet two out of every three new products will not be on the market within three years,” he adds.

The results of the Nielsen Global Survey of New Product Purchase Sentiment were obtained from over 29,000 Internet respondents in 58 countries. It shows that brand familiarity is one of several key characteristics that resonate strongly with consumers worldwide.

“To deliver successful new products, marketers and retailers should ensure that they uncover unmet consumer needs, communicate with clarity, deliver distinct product innovations, and execute an optimal marketing strategy,” the local Nielsen chief says.

While 77 percent of Filipino respondents welcome new product options, Nielsen’s survey reveals that 74 percent of consumers prefer to wait until a new innovation has proven itself before making a purchase.

Another 70 percent of respondents say that they would consider store-brand options and 64 percent of respondents say they were “enthusiastic” about such brands.

The survey also shows that 74 percent of Filipino respondents like to tell others about new products that they purchased.

“Consumers are enthusiastic about adopting new product innovations but somewhat…...

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