According to The Nielson Global Survey of Loyalty Sentiment, price is the single most important factor when switching brands, with quality having to settle for second place. The survey, which included more than 29,000 respondents across 58 countries, aimed to uncover the underlying reasons behind why consumers switch brands.
Switching behaviour differs across the world
Interestingly, respondent’s views on switching factors differed depending on the region of the world they were from. For example, the number of respondents in North America and Europe citing price as the most important factor was significantly higher than any other region of the world. 61% of North American respondents cited price, along with 54% of European respondents, compared to a global average of 41%.
However, when asked how important quality was in the decision making process, only 20% of North Americans and 22% of Europeans cited this as a factor when switching brands. Therefore, for respondents in these regions, the survey suggests that price may be significantly more important than quality when making the decision to switch brands.
Respondents in the Middle East and Africa and in Asia-Pacific, however, took a more balanced view between price and quality. In the Middle East and Africa, for example, 26% of respondents mentioned price and 33% mentioned quality when quizzed about why they switch brands. The difference in Asia-Pacific was even smaller, with 28% of respondents mentioning price and 29% mentioning quality.
Switching behaviour in b2b markets
Switching behaviours in b2b markets, however, is a much more complicated process. Unlike consumer markets, b2b markets are made up of numerous different groups of people with various different needs, and it is unlikely that all these people share the same switching behaviours. Therefore, it is becoming increasingly difficult to predict the factors that shape switching decisions in b2b markets.
At B2B International, we know how important it is to understand switching behaviours in b2b markets and our white paper, Getting People to Switch, takes an in-depth look into the topic and offers our thoughts on b2b switching behaviours and the factors that shape these decisions.
To read the white paper, click the link below.
