A recent survey of consumer trends suggests that U.K. consumers are far less brand loyal than their counterparts throughout the rest of the world. Such trends offer strong predictions and powerful recommendations for companies planning new product launches and introductions—both in the United Kingdom and worldwide.
Specifically, according to the Nielsen Global Survey of New Product Placement, 59 percent of U.K. consumers agreed that they would consider switching away from their current brands, whereas only 50 percent of global customers indicated a similar willingness.
In addition, whereas 60 percent of global customers noted that they preferred to wait a bit, to see how a new product introduction performs, only 52 percent of U.K. consumers expressed similar reservations. However, 40 percent of Britons also acknowledged that tough economic conditions made them somewhat less likely to try a new product.
The combination of these findings strongly implies that for companies seeking to introduce products to the U.K. market, the best strategy entails a powerful value proposition, regardless of the brand name. A firm with strong brand equity also might enjoy a strong position from which to introduce product innovations, because even consumers who have purchased from its competitors in the past will be willing to give it a try, as long as the innovation appeals to them.
Source: Julie Fisher, “Value Trumps Loyalty for Consumers,” Retail Gazette, January 22, 2013