In a world where your competitors are only a click away, customer loyalty really is the new marketing.
No matter the size of the business, customer loyalty is incredibly important. 80% of a company’s revenue comes from just 20% of its existing customers, Gartner. Plus, it’s up to ten times more expensive to try to attract new customers than it is to keep the ones already doing business with you.
Because relationships inspire customers to make a purchase (and another…and another) loyalty keeps your revenue flowing. Check out these three ways to increase customer loyalty at your business:
1. Build a Foundation of Trust
Do not underestimate what trust can do for your business—especially when 83% of customers say they would happily recommend a business to others if they trusted it. So how do you get there?
Start by realizing that you shouldn’t solely focus on a sale or racking up points within a loyalty program — focus on the full customer experience. The best way to find out what a customer needs is to listen. Listening is a skill few people truly understand, and it is vital to a marketer. Look to solve a customer’s problems before they happen. Anticipate their needs, wants, and desires and then show them some potential solutions.
If you do get the sale, the successful delivery of the item when the customer expects it is critical in building trust with your customer. If you don’t, the customer has walked away knowing you gave them a hyper-personalized experience which they will remember.
2. Create a Seamless Omnichannel Experience
You probably have a website, Facebook, Twitter, maybe even an app. Because your customers are likely to use more than one of these channels, each platform needs to be seamless. To achieve this, brands must leverage data for both in-person, online, on the phone and mobile interactions to build a complete 360 degree view of the buyer; one that will help the business identify preferences and therefore anticipate their needs.
A great one-off experience won’t create a loyal customer. Staying focused on educating and communicating with your customer base through the entire buyer journey is vital for customer loyalty. By creating a consistently smooth omnichannel experience for your customers, you’re confirming that both them and their business matter – no matter what way they choose to interact with your brand.
3. Ask Questions. Provide Solutions
Honesty is always the best policy when building a customer’s loyalty. Listening to customer feedback is vital, especially with online reviews. Because customers are smart, they know that if a business only posts the good reviews, something fishy is going on. Be openly transparent about the reviews your business is getting, and respond to both the good and bad reviews.
After a customer’s issue has been resolved, ask for their feedback. You’re never too big of an organization to learn from the customer, and letting them know you’re listening is a great way to gain a better perspective of the customer’s experience, but also shows you care.
Finally, when a customer asks a questions or voices a concern, they expect a fast response and quick resolution, so keeping a close eye on your online reputation and interactions is a great way to show your customers you are there for them 24/7.
Business owners should know keeping existing customers is much cheaper and easier than finding new ones. But, not every company is savvy enough to build the type of customer loyalty that allows them to outpace the competition and thrive in a competitive marketplace.
Let your customers know you appreciate them, because you do! The customer experience is the top priority, so give them reasons to trust you and their loyalty will follow.