How To Build Customer Loyalty
A popular saying goes that it takes 10 times more effort and resources to gain a new customer than to retain an existing one. The study from Northwestern University proves it exactly. As per the study, 55% to 70% of a companies total sales come from only 15% of their most loyal customers. Can you think of another reason it is vitally important for you to make a good first impression with your customer?
As a business in this competitive world, you have to try and do everything you can to give your customers the best possible experience. Customers should want to come back to your business every time they have a need for the services your brand offers. If you think your ‘Loyalty Program’ is going to have them sticking around, you need to think again. If you want to succeed in building a loyal customer base you need to find creative approaches to do the same things your competitors just a lot better.
Here are a few ways you can keep your customer coming back to you.
Ensure Customer Feedback Is Actually Used
Everyone likes being listened to, to know that their feedback and opinion is being taken into consideration. If you want your customer loyalty to improve you have to take into account the feedback they provide. Offer products and services that meet the requirements as set by them. Whether they are products to help them in their daily life, events to help them take their mind off things or services that help them achieve their goals, your focus should be on creating for the customer.
Use Social Media To It’s Fullest Extent
Using popular social media platforms can be a secret weapon in your arsenal when it comes to building brand loyalty. No other medium gives you as direct an access to your loyal customers as social media. Keep an eye out for customers that interact with your social profiles and reward them.
Play The Nostalgia Game
If you are really striving for the personal touch with your fans, nothing does it better than a handwritten note or postcard. Emails are passe, but postcards mean you’ve actually taken the effort to spend your valuable time at it. The more personal and nostalgic the bond you create, the greater will be the reciprocity of love for your brand.
Value Driven Propositions
As can be seen from large companies like Apple and Google, people don’t mind shelling out thousands of dollars on products as long as they think they’re deriving value from it. It needs to be a continuous process where every year you deliver more value to the customers than last.
Build Long Lasting Customer Relationships
At the end of the day its easier to retain a customer when you both have a bond formed. Apart from providing the best service you can, your business goals will be met by helping your customers form a relationship with your brand. A problem-solving attitude is one of the best ways in which you can help create this bond with your customers. Making sure your call centers, automated responses, and help guides are on point.
Customer Based Product Development
Another way to build customer loyalty is to make them feel part of the development process. Using customer feedback to enhance your product’s functionality is just one way to doing so. Another is by letting them be a part of the project. Even something as simple as organizing a contest where they get to name the product would work marvelously. You’d definitely earn a lifelong bond with at least one customer.
Trust and Loyalty Go Hand in Hand
Without trust, there is no customer loyalty. But you won’t just get trust, you need to earn it. Share content that adds value to your customer’s life, make them rely on you for information regarding your industry. In short, you need to be the thought leader in your field giving them the information they won’t receive elsewhere.
Inspire Customer Creativity and Engagement
One of the fastest ways of getting a customer to stay loyal to your brand is by encouraging them to get creative with it. Use social media contests to encourage creativity among your fans and announce the winners publicly. You’ll not only get a lot of fans vying for your attention but the winners will get attached to your brand as well.
If the primary focus of your business is your customers then there is no way you can fail. Look around you, there are so many great examples of great tech companies that are doing the exact same thing and winning their customers adoration. You can do it too.