The likelihood of your previous customers to buy your products or services in coming times is called or rather termed as ‘Customer Loyalty’
Customer loyalty can be said to have occurred if people choose to use a particular shop or buy one particular product, rather than use other shops or buy products made by other companies.
Customers exhibit customer loyalty when they consistently purchase a certain product or brand over an extended period of time.
Like for example
Apple has a following of loyal customers who purchase their products as and when new better products launch.
Mostly all of us know the definition of Customer loyalty, yet many of them fail to realize that loyalty runs hand-in-hand with emotions. Customer loyalty is the result of consistently positive emotional experience, physical attribute-based satisfaction and perceived value of an experience, which includes in the form of the product or services offered by companies or Brands.
To build customer loyalty, customer experience management blends the physical, emotional and value elements of an experience into one cohesive experience.
Many business owners appreciate the importance of attracting new customers. But few pay any attention to customer loyalty in the early years.
But on the contrary, I believe retaining old customers is easier than running for new fresh sales, simply because customer loyalty can bring reference fresh sales from your current loyal customers as well driving in more profits.
An American marketing author, Ron Zemke, has described customer decisions as being based on two dimensions – outcome and process. He says to achieve customer loyalty a business has to meet the customer’s expectation of outcome i.e. does the product or service do what you said it would do? At the same time, the customer needs to feel good in the process of buying. Research suggests that up to 68% of customers switch supplier because of perceived indifference.
What are your comments regarding this?
Do you agree?
The results of the 2010 Right Now Customer Experience Impact report, revealed that 9 in 10 Americans are willing to spend more with companies they believe provide excellent customer service as what they receive is important.
Today we will check out, how the most brands are able to instill the kind of legendary loyalty that keeps them ahead of the pack.
So, are you ready to get started?
Improve your customer experience
The most important factor contributing to customer loyalty is their experience.
Businesses, no matter the size, should see every customer as a person making a conscious decision about where they choose to spend their money.
Remember, when they chose you, so it’s your job to keep them coming back.
By providing exceptional customer service it may range from hiring knowledgeable employees to implementing a personalized complaints department which goes much further than having the lowest possible prices and less-than-adequate customer service.
Customer satisfaction is the best indicator of how likely a customer will make a purchase in the future.
I strongly believe in today’s competitive marketplace where businesses compete for customers; customer satisfaction is seen as a key differentiator. Businesses who succeed in these cut-throat environments are the ones that make customer satisfaction a key element of their business strategy.
If you really give customers a great experience they will tell their friends and they’re much more likely to come back to you.
A study by Info Quest found that a ‘totally satisfied customer’ contributes 2.6 times more revenue than a ‘somewhat satisfied customer’. Furthermore, a ‘totally satisfied customer’ contributes 14 times more revenue than a ‘somewhat dissatisfied customer’.
Satisfaction plays a significant role in how much revenue a customer generates for your business.
It is all about delivering your Promises!
Boost your employee morale.
High employee morale has been associated with increase in productivity, as well as decreases employee complaints, and improves job satisfaction.
The impact of an executive or manager is immeasurable when it comes to motivating your employees.
MARCUS ERB from Entrepreneur says there are 7 ways to try and boost your employee morale, try them out
- Keep employees feeling their work is more than just a job.
- Take time to creatively celebrate accomplishments.
- Grant time off to employees to pursue projects they are passionate about.
- Mix up the company’s usual way of doing things.
- Don’t forget to have fun.
- Train employees to develop positive attitudes.
- Offer time away from the office to do some good.
Building morale in your organization is not as hard as you might think. The key to motivating your employees is having them feel valued and appreciated by their boss and within the company.
When this simply can enhance your company’s overall views as it’s your employees and the way they work represents your company and it’s working for your Clientele.
Imagine your staff being unproductive or not much interested in working it will reflect in the working which is not what Clients pay for right?
For example, Telephone customer service must be quick, polite and end with customer satisfaction.
But imagine how it will go if your employees go another way round?
Customers will return if your employees are knowledgeable about the products they sell whether they are cutting edge technology, certain items one can find in the store.
Customers will return if every single one of your employees seems excited about his job and turns that excitement into excellent customer service.
Then take correct steps forward and work on improvements where needed.
In the world of business marketing, the strategic focus has slowly shifted from seeking potential clients to making them want to come to you.
The way to leverage your client base is to ask for testimonials. Produce video, audio or text testimonials that will influence sales leads and encourage them to become clients.
Sharing testimonials showcases your brand as successful at helping others achieve great results.
In order to do it effectively remember, all testimonials need to be current i.e. from companies that are still operating successfully, and are credible with buyers that have a good reputation in the marketplace, compelling or showcasing objective performance & improvements.
Publishing testimonials will increase a prospects trust in you, leading to more sales.
Having a polished digital profile for your company allowing you to brand yourself and showcase your talents, and in many ways.
I believe the fastest way to grow your business is to leverage your current Client base.
Do you agree?
Taking regular follow ups. (After sale support) i.e. Establish a personal relationship with each individual customer.
Taking regular follow ups doesn’t concern about sales or resales, it’s about the bond between the company and its customers or Clients.
There are customers who view their interactions as more than simply transactional.
They believe there is a relationship that is bigger than just the products or services they buy. Measuring loyalty means measuring the strength of this relationship between buyer and seller, between the organization and its customer.
A recent survey shows that 71% of customers who ended a business relationship did so because of a poor customer service experience.
Even the way customers are greeted and thanked is also critical.
People will almost always remain committed to a brand if they believe they’ve developed a genuine and mutually beneficial relationship. Try and take and take advantage of any opportunity to get to know a client on a personal level.
This helps to develop good a rapport with every customer and, more importantly, give critical information to use during follow-up opportunities.
It’s simple the web is impersonal, so take every opportunity to personalize your service the dash of your sparkle and it can make wonders.
I am not saying to get personalize meaning to enter their personal life’s but rather just simply connecting with the Clients or customers is the key.
Emotion has bottom-line value for big and small brands alike. It’s the key to building stronger brand advocacy, and of course, generating more revenue.
Through the application of real consumer insights toward the storytelling coupled with the technical evolution (the ways that brands can reach customers), more now than ever brands can seize the opportunity to channel emotions to build trust and deliver enhanced, memorable, engaging experiences with customers.
Ultimately the goal is to grow the business…but it helps to aim to gain brand advocates along the way.
Think about it!
Rewarding your current customer for their brand loyalty.
Who doesn’t love rewards?
We all do right, in order to work in the long term, loyalty programmers should provide a genuine and unique reward to their loyal customers.
It’s a big turn-off if I’m told by a brand that I’m being rewarded for loyalty, only to find that the same offer is going to a first-time customer, too.
Where is the loyalty factor in it?
Offering free goods, discounts and special buying opportunities to regular customers shows them that you value their custom and keeps them coming through your door. Tom Whitney outlines ten ways to reward loyal customers
- Offer cumulative discounts on selected lines.
- Create a loyalty-card scheme.
- Give away free items with multiple purchases.
- Team up with an associated business to offer reciprocal discounts.
- Invite customers to trial developing products and services for free.
- Hold a preview evening.
- Take your best customers for a day out.
- Offer preferential service terms.
- Offer additional products and services at cost.
- Reward introductions and referrals.
Also remember, successful companies manage customer loyalty by making improvements based on customer input, identifying desirable customers, and setting goals for increasing the percentage of their customer base that is loyal.
Remember, there’s never too much feedback – the more the better & and Credit Them for It!
Customers should always be prioritized by any business establishment.
The Customer service is an essential component in the entire process of a business’ quality management, and everyone in the company should be aware of that.
To give the customers the quality of what they are paying for is the best way to let them know how much you value them. When you make them feel important, they will naturally be loyal to your products and services, exactly what you want.