Professor Steve Van Belleghem states in an article in Brand Republic that customer loyalty is declining and that consumers put less trust in brands and tend to switch brands a lot faster. Modern consumers expect companies to act properly and this means treating customers well, treating employees well and doing good for society. Professor Van Belleghem cites Ben and Jerry as an example of a company that does this.
He then mentions that the key is for "those on the highest rung of the corporate ladder to have a clear vision of the added value their company has to offer and to translate that vision for their employees and customers".
Adding to Van Belleghem's views, it is likely to be even more effective for companies to also translate their vision for all stakeholders so that they can maximise opportunities and value. Transparency (which is now more available through digitisation) and fair treatment of all stakeholders are essential components in the increasingly difficult task of building and retaining trust and loyalty in today's business world.
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