5 Tips To Increase Customer Loyalty
Some companies are so focused on making profits and getting returns on their investment that they lose sight of other essential aspects of business, such as customer satisfaction. While most companies measure customer satisfaction by way of customer feedback, there are only a few brands that are able to build customer loyalty. Thus a satisfied customer may be highly happy with your product or service but would still move on to another provider for a better price.
This study shows that loyal customers make up 55-70% of sales for a business. Additionally, it states that 78% of loyal customers are willing to make referrals for a brand they love. Given the importance of customer loyalty, here are tips on how to give your customer loyalty a boost today!
#1. Provide Valuable Content
The first way to get a customer’s attention is by providing them with content that fits their needs and keeps them coming back to your business. You need to present your business as a valuable and trusted brand they can always trust. Another excellent tip for relevant content is to set up a series of helpful posts like “tip of the day” or a “tip of the week.” Furthermore, valuable content can be provided by finding the right marketing channel to reach your audience.
Thus you also need to take into consideration the age demographic of your customers because it has a significant influence on your business. Also, the content you may provide to millennials will slightly differ from what your older customers may find valuable. Take, for example, if your business has a Facebook, Instagram, and Twitter social media handle, of the three platforms, statistics show that Facebook has a higher percentage of older people 50-64 at 68% and 65+ at 46%. So this means that your content on Instagram and Twitter may tilt more towards millennials, your Facebook content should heavily appeal to more senior customers as well.
#2. Customer Service Should Be Top Notch
Though this might come across as an obvious tip, it deserves to be mentioned again. Excellent customer service is what builds lifelong customers and sets you apart from the competition. The first thing to get right in your customer service is that your customers should be able to reach your representatives with ease. You may want to provide 24 hour services, toll-free lines, live chats, and list all phone numbers, social media handles, and email addresses. Another important tip is to listen to customers and address all concerns quickly.
A customer will remember if they are treated well or not, and in most cases, the latter is what sticks. Therefore, your customer services should always leave a customer feeling satisfied and willing to give great referrals to their family, friends, and colleagues.
#3. Reward Your Customers and Not Just With Discounts
Everyone likes getting surprises, discounts, and freebies. In business, rewarding customers’ loyalty is an excellent way to keep customers coming back and build market share. The tip here is to set up a loyalty program that gives customers gift cards, discounts, thank you notes, access to special events exclusive offers, and other freebies. This is bound to make them feel appreciated.
Evidently, your brand should be structured to do much more than the basic marketing campaigns that lure customers to impulse buying via discount coupons. Moreover, a customer could decide to spend their money elsewhere, but they’ve chosen your brand. Therefore, it is only appropriate that you return the favor by rewarding them for their patronage.
Ensure that your customers are always updated on your discount offers, so they don’t miss out. One way to do this is to invite them to sign up for your emails.
#4. Consider Different Payment Plans
Think of ways you can make the customer experience much more straightforward. Some business niches are seasonal and run into cash flow issues at specific periods of the year. For instance, winter jacket businesses usually receive most of their sales during the winter season when the cold is in full swing, but during the summer, they struggle. Because winter jackets can be expensive, you can offer a payment plan to enable customers to start shopping in the summer and pay a little throughout the months leading up to winter. Rather than having them pay all at once.
It will interest you to know you could be losing as much as thirty-five percent of potential revenue from customers because you do not offer any payment plan. By giving your customers a flexible payment method, it helps them spread their budget and bring in cash during the time of the year when sales take a dip. Besides, when you make life easy for your customers, it is bound to build customer loyalty, and they keep coming back.
#5. Be Honest Even If It Means No Business For You
The truth is that customers have different tastes, and sometimes not all of your products might interest them. According to a survey, honesty was the number one thing customers expected from companies. It is essential to understand and accept this fact rather than force anything on them. I tell you if you recommend a competitor’s product that you believe best suits the customer’s needs, such customers will never forget that.
I remember last year when I was working on converting a truck into a mobile clinic. The interior of the truck was to be covered in HDF wood. So I went to a hardware store to get the wood, having no idea HDF wood was different from MDF wood. From my conversation with the store assistant, he told me the difference, and what they had was only MDF wood; also, he pointed me to another store where I could get quality HDF wood. His gesture really warmed my heart, and since that encounter, I have made it a point of duty to recommend his store to anyone who is looking to buy MDF wood. And fast forward to this year, I have a project that requires the use of MDF wood, it’s obvious where I’ll be making my purchase!
Always remember that customers are the front and center of your business. Building an army of loyal customers and keeping them happy will translate into a thriving business because, according to the National Business Research Institute, customers will rather do business with a company they are loyal to even though there are cheaper and more convenient alternatives.
Frank Hamilton has been working as an editor at review service Online Writers Rating.