Your customers keep the ship afloat, the wolves from the door and beer in the glass – making customer loyalty the need of the hour.
They are for any business, the number one priority and because of that, their loyalty should be the most important factor in your operation.
Keeping existing customers is 6 to 10 time cheaper than acquiring new ones. So keeping them loyal is a must for any successful business.
So how do we keep our customers loyal?
The answer is simple; to keep them coming back you need to keep them happy. This however can be easier said than done because not all customers are alike.
Most people require the following criteria to be satisfied by a company; a good price, great customer service and the belief that the company is operating ethically.
Some may sway further in one direction than another, but fundamentally to achieve some level of customer loyalty you need to be getting straight A’s in all of them.
There are Generally 3 Types of Customers… Let’s break them down
1. The Bargain Hunters
Some of our regulars are attracted by price alone. These are the hardest customers to retain because their motivation is the bottom line.
They tend not to care too much about customer service or what your company stands for, because they are only looking for a good deal.
It can often cost more to keep a bargain hunter loyal than it does to let them go, but if you can identify them, do your best to make sure they feel like they’re getting a little extra.
Offer them vouchers, give them discounts and price match if you need to.
2 .The Valued Customers
The valued customer is our bread and butter. These folks are relatively easy to keep loyal because they are only after a few basics.
They want to know their voice matters, they don’t want to feel cheated and they like the idea of being part of something.
Keeping a valued customer loyal is easy. Keep up the good work, listen to what they say and ask them if there’s anything you can do to improve their customer experience.
3. The Picky Customers
The world has never been smaller and we’ve never been more accountable for our actions. There are customers out there that look at where you make your goods, how much you pay your staff and every other conceivable aspect of your business lives.
They’re less likely to be concerned with price, but will care about customer service, and ultimately it could be your company’s global stature or position that affects them most.
It can be tricky keeping picky customers happy because you never know what they might take issue with. It’s a good idea to engage with them on a regular basis to see if you can discover what drives them.
If you can identify their concerns, do your best to let them know you’re trying to move in the right direction. There’s a good chance they’ll understand Rome wasn’t built in a day and appreciate any little improvements you can make.
The purpose of a business is to create a customer who creates customers ~ Shiv Singh
In short, keep an eye on your customers, work out their motivations and treat them accordingly. Remember, customer loyalty isn’t rocket science, just make sure you’re doing the right things.
This includes keeping your staff well trained, making your company position clear and keeping an eye on changing trends.
If people believe they share values with a company, they will stay loyal to the brand ~ Howard Schultz, CEO of Starbucks
Your turn: Add your comment below on your take on customer loyalty.