Customer loyalty is the lifeline to any successful business. Building your customer loyalty takes effort and time but you’ll soon see the benefits. It becomes easy to forget about the customers who helped develop your business but these are the key players in your company’s success. This should be a priority when starting a company and should continue as your business grows.
Engage with Customer Loyalty
A simple but forgettable step. Instead of consistently focusing on the newest technology or the quickest way to gain empty likes start engaging with your customers individually. Customers are spending time and money engaging with your brand therefore its courteous to return the support. Customers want to feel their business is appreciated and the company is interested in what they have to say. You want to make your business their preferred option out of your competitors. By making the customers feel valued they will most likely stay loyal to your business.
Loyal customers tend to make more than one transaction and are more likely to explore other products and services your company has to offer. It is easier to up-sell to a loyal customer who have experience with your product and brand than selling to a completely new customer with reservations on the sale. Marketing Metrics believe an up-sell to an existing customer is 60-70% more likely than a potential new sale around 5-20% probability. Your loyal customers will spend more money in a brand they’ve used and trust.
Financial Pay off
Any business at any size can benefit financially from customer loyalty. When the customer loyalty grows so does the company’s means and stability. However, the other end of the scale can also be damaging to your business.
In addition, it is 6 to 7 times more expensive to invest in new customers through increased advertising, specified discounts and deals for new customers and promoting more information on the brand. With a large following of loyal customers you can rely on them spreading the word and promoting you product and brand.
Respect the Reviews
Feedback is a necessity to all businesses. Although, reviews can make or break customer loyalty with a company. As customers word of mouth can be advantageous when positive the negative reviews are likely to attract a larger audience. However, a negative response can damage your company’s reputation more. When responding publicly, respect the customer’s dissatisfaction, reply politely and professionally as you deal with the issue raised. This will help build back the trust with the customer and continue to build your customer loyalty.
Beat your competition
If you can prove to your customers that you are their top choice for quality products and services then your customers are likely to stay away from your competition. The stronger your loyal customer base is the more likely you are to strive ahead of your competitors. By using the above advice to establish and grow your loyal customer base this will allow your business to grow into success.