Customer loyalty is when customers consistently choose your brand over your competitor’s, regardless of availability and price.
Look at the following stats:
- The costs of acquiring new customers are five times higher than those associated with retaining existing ones
- Customers with an existing relationship with your brand are happier to pay more for your products than new clients. Similarly, they are 50% more likely to embrace your company’s new products
With these figures in mind, the case for customer loyalty is aptly made. The only question is how. Here are four ways to increase customer loyalty.
1. Customer Communication
Nobody wants to feel like you only remember them when you need their wallets. Refrain from only reaching out to customers when you need them to spend on your business.
Instead, establish a continuous line of communication that ensures they feel looped in at all times. A robust marketing platform can allow you to do this via email, text, and the web.
2. Show Your Personality
Every business has a personality, which is a culmination of its values, beliefs, and culture. Human beings find some comfort in familiarity and similarity. What this means is that customers are constantly for companies they share commonalities with.
Whether it’s equality, environmental sustainability, philanthropic cause, and so on, be sure to highlight thee in your marketing campaigns. Social media is a great place to do this. Show who you are, and like-minded customers are bonded to you forever.
3. Reward Your Customers
A good way to keep customers coming through your doors by showing appreciation for their loyalty. One way to do this is through loyalty programs that give them access to discounts, exclusive offers, and gifts.
Think about a points system and how many points equal what amount. The goal here is to make the conversion as simple as possible. If you complicate it too much, customers lose interest or suspect you are trying to dupe them, which will have the opposite effect.
4. Ask For Feedback-and Listen
You might have a successful product that flies off the shelves. Still, this does not mean it is perfect.
Asking for feedback works in two ways. The first is that it makes your customers feel valued enough to have their say heard. This supports customer loyalty.
The second is that it gives you valuable insights into your business and what you could do better. If you act on the feedback, your customers will be happy that you heard and valued their feedback enough to act on it. This makes them feel appreciated and valued, which is a massive step towards getting their loyalty.
Customer loyalty leads to customer retention, which has a direct impact on your bottom line. These seemingly small measures can ensure you strengthen customer loyalty and enjoy the benefits from a happy, loyal, long-term client base.