For all businesses, a loyal customer proves time after time to hold more value than new customers. Loyal customers can be totalled up to 10 times the value of their first purchase. Businesses are able to rely on their number of loyal customers versus the amount of off and on customers.
A strategy of remaining competitive is realizing that the cost of gaining new customers is actually higher than maintaining an existing one. From having a larger size of loyal customers, businesses have the opportunity to spend its marketing budget on improving the quality, service, and products.
The following are strategies to launch your customer loyalty.
Invest in Customer Service
The experience of your customers ranks the highest to increase the amount of loyalty and trust. The White House Office conducted a study of Consumer Affairs and found that 80% of US consumers were willing to actually pay more to receive a better enhanced customer service experience.
By investing in the satisfactory experience of your customers, you eliminate the chances of your competitors gaining them as customers.
The performance of the employees can and will affect experiences customers have while conducting business with your company. This tip is even more important for employees that remain constant with interactions with your customers.
How employees view their job can impact how they will treat your customers; career training can boost morale within employees and elevate the satisfaction they will bring to the customers. The strategy of tedious job training proves to pay off according to the results among many businesses.
If it is by an email, newsletter, or flier, it is important to set up a system to reach your customers that your business already has. Invest time and energy into creating a database for contact information of your customers that includes email, mail, and phone numbers. Social media accounts can prove to be a great communicating element that keeps your influence fresh.
Rewarding customers for doing business with you is a strategy that proves to be successful by having frequent purchases between new and old customers. You can encourage one time customers to become perennial customers to your business through the right kind of programs. Loyalty programs can be the customer earning redeemable points they can use in exchange for a number of purchases they spend in your business.
Being able to keep a habitual loyal customer proves to hold more worth than two customers that will be lost. Through using the right strategies to secure the loyalty and trust towards customers, it’ll improve your business without the costly marketing.