In the ever-evolving, dynamic modern world we live in today, customers are spoilt for choices. Furthermore, technology has given customers the freedom to explore from the comfort of their homes. Under such circumstances to build and maintain customer loyalty is a challenging task and an imperative! No matter how big or small your business is, customer loyalty is incredibly important.
Building customer loyalty is important for improving the lifetime value of current customers, which can make up most of your consistent revenue. It even helps bring in new customers, since happy customers are more likely to recommend your product or service to others. According to studies, repeat or loyal customers spend up to 67 per cent more than new customers. Also, it is up to ten times more expensive to try to attract new customers than it is to keep the ones already doing business with you. If you’re looking for real ways to create and keep up customer loyalty, consider implementing a few of these strategies.
- Improve your customer experience – While this seems like a given, it’s one tip that bears repeating because it’s so important. Customer service matters. A survey in 2021 showed that 86 percent of customers were willing to pay more for great customer service. Customers remember when they’re treated well and they when they are not given satisfactory services.
- Determine the best communication channels – phone calls at regular intervals, social media connect, emails and web-chat are technology miracles which make connecting with your customers easier. You may want to start simple, like sending an email asking for a rating/review after a purchase or informing your customer about prevailing discounts or products newly launched by your brand. However, you must maintain voice, tone, and language at every touchpoint, thereby making the conversation a pleasant and enlightening one for your customers.
- Develop a reward program – Offering a head start on rewards is the way forward for you. Rewarding customer loyalty is to give extra perks to your most dependable customers. These rewards may be in the form of cash back offers, redeemable points on every purchase or even special gifts on festive occasions. The more customers spend, the more rewards they accumulate. This rewards method is known for boosting customer loyalty and reducing churn rate.
- Seek out customer feedback – The best advertising you can have is a loyal customer spreading the word about how incredible your business/products/service is. Hence it is important to seek customer feedback to ensure that your services are indeed impeccable. Gauging customer satisfaction levels can come from on-page star ratings and reviews, surveying, and even customer interviews. Reviews tend to be more ratings-based with some specificity if customers want to detail their experiences. Surveys allow you to ask for more specific answers from your customers, and customer interviews allow for even more in-depth feedback on your service or product.
- Consider different payment plans – More often than not, the monthly pay-out system works well for most businesses. It helps customers by giving them manageable monthly payments, and it helps the company by bringing in cash during an otherwise slow time of year. However, you must have other payment options in case this plan does not suit your customer. Along with subscription plans, considering other payment options that are currently popular amongst shoppers like ApplePay, PayPal or even Google Pay. These options allow customers to conveniently purchase your products or services electronically and more seamlessly at times.
As a brand, you should strive to give customers a reason to be loyal. Knowing how to excite your customers by making product reveals, sales, and launching an exclusive event for them will win many hearts. Thinking about the customer’s experience as more than just using your product, but how they feel throughout the entire interaction with your business is important. Reflect and improve the way that you treat potential customers for the sake of both them and your current ones and make the experience of purchasing your product/service a memorable one – for both, the old and new customers alike!