Knowing what is Customer Loyalty is just not enough for your business. Building a strong customer loyalty structure is what fuels your business growth.
Hands down, retaining old customers is less expensive than acquiring new ones. Retaining customers is one of the most cost-effective ways for a business from across all verticals.
As discussed previously, they are cost-effective, growth drivers, and fantastic endorsers of your brand. So, it’s a win-win situation doubtlessly.
Consider the below tips in order to build customer loyalty:
- Provide great customer service: Without a second thought, this has to be the first point before taking into consideration anything else. No one wants to be treated like a martian. Customers remember when they were treated well, and this has to be the number one priority for any business.
Psst…this is exactly why Amazon is so successful.
- Use the power of communication: Be it any relationship, we as humans rely heavily on communication. A lapse in communication results in distanced, weak relationships. Send weekly, monthly newsletters, send out offer promotions, message them on social media. Make them feel you remember them & do not let your customers forget you as well.
Let them know what you are doing for them. Be it a B2B relationship or B2C, let them know that things are working fine and that you have everything under control.
- Remember special occasions: This is a great example of small things matter. For a company keeping a record of its customer’s birth dates & anniversaries might not be a tough task. However, for a customer, when you send out special discounts or even a small wish, it creates a clear, positive image of a business or brand.
Keep it personal.
- Provide extra perks, incentives, and rewards for your most loyal customers: Frequent shopper points, rewards points, club points, rebates, next free service, membership benefits, gift cards, and gifts are some of the examples that speak for itself.
Simply adjust your rewards program with your marketing plan, identifying your target audience to achieve maximum output.
- You get what you give. Stay loyal to get loyalty: Do what you said you would do. Give what you said you would give. If you are in B2B eco-system, buy your customer’s product or services, get benefits of their loyalty program.
This rule works on one simple law, you get what you give. Keep your customers happy and in return, they will do the same.
- Take customers advice and follow up on it: There are times when businesses do not listen to their customer’s valuable advice and ignore them like a grumpy kid. That is a bad practice for a business. If you are doing business for your customer, listen to what they have to say in terms of improvements or suggestions. Acknowledge them and take action.
Once you have acted upon their requests, make sure you bring it to their notice. Let them know that they are being listened to. This makes them feel like an important part of your business.
So, now we know what is customer loyalty and know how to achieve it.
Last but not the least,
How to maintain Customer Loyalty?
Maintaining you loyal customers is no rocket science. In fact, maintaining customer loyalty is far less expensive than seeking out new customers.
Make your customers climb up the Customer Loyalty ladder and they will put your business on a pedestal even before you know.
- Under-promise & over-deliver
This will be the core of all customer-centric business; the seed which contains the entire DNA of customer satisfaction and a successful business.
- Identify the stages of Customer Loyalty
The life-cycle of a loyal customer revolves around Suspect, Prospect, First-timer, Repeat Customer, Client, Advocate. The skill lies in a bringing a customer from Suspect stage to Advocate stage. Simply shift your focus to correct marketing in order to mold the customer towards the last stage of life-cycle.
- Treat your employees great
No matter the number of employees affiliated with your organization or business, if they are treated well, they will treat your customers well. Employees are your biggest resources and customers, your most valuable asset.
- Treat your resources well in order to curb your assets from deprecating.
- Whenever feasible, provide your customers what they want, when they want and how they want.
- Test your loyalty programs and keep modifying them.