Ep 12 The Psychological Principles Behind Brand Loyalty in Luxury
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Ep 12 The Psychological Principles Behind Brand Loyalty in Luxury
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Paul and Helen explore the concept of customer loyalty and brand loyalty in the luxury industry. They delve into the psychological principles behind loyalty, such as the mere exposure effect, the halo effect, and confirmation bias. Their discussion also highlights the importance of emotional connections and exclusivity in fostering brand loyalty. The Veblen effect and the self-concept theory are discussed as factors that drive loyalty to luxury brands. The conversation touches on the role of experiences, launches, and loyalty programs in strengthening brand loyalty. The conversation explores the concept of loyalty in the luxury industry and how brands can cultivate emotional loyalty from their customers. It discusses the use of loyalty programs, personalized experiences, and exceptional customer service to enhance loyalty. The conversation also highlights the importance of trust, recognition, and appreciation in building and maintaining loyalty. They finish off by emphasizing the significance of emotional loyalty over practicality and the potential negative impact of a single negative experience on brand loyalty.