In a recent study conducted by Consumer Reports', it appears that things are changing in a big way when it comes to brand loyalty and likelihood to buy. Although Honda and Toyota are still leaders when it comes to brand loyalty, they better watch their back as Ford and Chevrolet are stealing, and holding buyers attention, when it comes to the likelihood of a consumer's next purchase.
Not sure what I am talking about? Check out the facts about brand loyalty:
1) Toyota's brand loyalty has dropped from 70 percent to 58 percent year-over-year
2) Honda has experienced a similar drop from 67 percent to 59 percent YOY
3) Ford got nipped with a decline from 58 percent to 53 percent YOY
4) Chevrolet stayed flat at 57 percent YOY
Where things get even more interesting is when buyers were asked who they would consider the next time they were car shopping, see below:
1) Ford got a small surge and jumped from 17 percent to 18 percent year-over-year
2) Chevrolet actually declined from 14 percent to 13 percent YOY
3) Toyota took a plunge from 16 percent to 12 percent YOY
4) Honda increased from 9 percent to 10 percent YOY
It looks like Toyota has taken some pretty big lumps. Is this fallout from recall woes of the past 12 months or is this speaking to something else wrong with the firm?
What are these companies doing RIGHT or WRONG to gain/lose your attention?
**For more information from Consumer Reports, click "Read Article" to hear more about the survey
Consumer Reports’ 2011 Car Brand Perception Survey reveals how consumers rank car brands across seven purchase-influencing factors, such as safety, quality, and value. The next step is exploring what these consumers will buy...
...Honda and Toyota have effectively tied as brand loyalty leaders, with about six out of 10 current owners stating they are likely to purchase from those brands for their next new vehicle. However, both brands have lost significant loyalty since last year’s survey...
[Source: Consumer Reports]
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