Customer Brand Loyalty: Development of Customer Retention Strategy for Nomad Shop
Prokasheva, Anna (2024)
2024
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2024111828580
https://urn.fi/URN:NBN:fi:amk-2024111828580
Tiivistelmä
Changing consumer preferences and trends challenge brands to maintain a loyal customer base. This thesis examines methods for strengthening customer retention in the dynamic fashion industry. The case company is Nomad Shop, a retailer that focuses on high-quality multifunctional clothing. The research aimed to study how understanding branding and consumer behavior could strengthen customer loyalty. Outcomes guided the development of a loyalty program centered on transparency and community-building.
The study employed a structured, three-phase research method. To identify current consumer trends and preferences, Nomad's consumers were surveyed in the first phase. Interviews with professionals in the field were conducted in the second phase to learn more about the significance of building a brand. The last phase involved strategic evaluation of Nomad Shop's strengths and weaknesses and competitor analysis through interviews with the founder, secondary research, and benchmarking. Findings were analyzed using Aaker's strategic brand analysis and Keller's & Swaminathan´s brand equity frameworks. Results have been integrated into a loyalty strategy.
According to the research findings, customers of Nomad Shop place a high value on quality, transparency, and sustainable fashion. The outcomes reveal that by establishing consumer trust, a clearly defined brand identity may reduce dependency on advertising and promote loyalty. To develop a loyal client base, Nomad should introduce a loyalty program with personalized rewards and special member advantages. Future research should examine changes in consumer loyalty trends over time and broaden the demographic scope of the study, especially in light of the fashion industry's evolving standards and the emergence of digital marketing tools.
The study employed a structured, three-phase research method. To identify current consumer trends and preferences, Nomad's consumers were surveyed in the first phase. Interviews with professionals in the field were conducted in the second phase to learn more about the significance of building a brand. The last phase involved strategic evaluation of Nomad Shop's strengths and weaknesses and competitor analysis through interviews with the founder, secondary research, and benchmarking. Findings were analyzed using Aaker's strategic brand analysis and Keller's & Swaminathan´s brand equity frameworks. Results have been integrated into a loyalty strategy.
According to the research findings, customers of Nomad Shop place a high value on quality, transparency, and sustainable fashion. The outcomes reveal that by establishing consumer trust, a clearly defined brand identity may reduce dependency on advertising and promote loyalty. To develop a loyal client base, Nomad should introduce a loyalty program with personalized rewards and special member advantages. Future research should examine changes in consumer loyalty trends over time and broaden the demographic scope of the study, especially in light of the fashion industry's evolving standards and the emergence of digital marketing tools.