Switching brands, stereotyping the over-50s, consumer confidence: 5 killer stats to start your week

Marketing Week 30 Sep 2019 02:38

1. Bad customer experience not the top reason for switching brands

62% of consumers who switched brand in the past 12 months did so because brands successfully attracted them, rather than bad customer experience pushing them away.

61% of consumers switched brand at least once in the last year, with automotive (70%) and supermarkets (68%) showing the highest percentage of customers willing to switch brands due to the lure of new opportunities.

Only banking found previous poor customer experience to be an equally decisive factor for the switch, where it was a 50-50 split.

Consumers see a brand being ‘genuine’ as more important in encouraging them to try a startup versus an existing brand they haven’t tried before (31% vs 17%). ‘Innovativeness’ (25% vs 20%) is also important, as well as ‘reflecting a consumer’s values’ (17% vs 13%).

Source: Data & Marketing Association (DMA)

2. Rising digital expectations are a threat to B2Bs

84% of B2B decision-makers say the increasing digital expectations of customers is the top threat to their business.

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