Capturing a new customer might just turn out to be a tad more expensive for your business than selling to an existing one. At the same time, it is also possible to increase revenue from existing customer base by 2X, using smart loyalty marketing and remarketing techniques. Hence, customer loyalty may very well, pay you more over time, thus making it obvious that getting a new customer could, in fact, be more expensive.
What is Customer Loyalty?
Customer Loyalty is evident in a customer’s motivation to purchase from particular brand or business, or on their zeal to promote it. It actually reflects on customer satisfaction level as well as on the quality of customer experience they may have received while transacting with a business.
Loyal customers, normally tend to spend more with and on the particular brands, they like more often. They are also the ultimate referral any brand can get, as they tend to promote it to their friends and family, going on to entice more customers with their positive experiences.
Now, have you realized the importance of a loyal customer and the need to retain them? Here, we will look at some tips to increase Customer loyalty and customer retention rates. Like you think, you don’t have to spend tons of money on it. See, how to go about it:
Tips to increase customer loyalty without increasing costs
Like, every business you also probably have in place loyalty marketing techniques such as point-based programs, rewards for purchase or limited time only promotions, all of which helps to build substantial value in retaining existing customers. But, how would that help you, if your competitor is also doing the same? How about going over and beyond that, catering to customer delight, offering unexpected wows? Will that work?
Build customer relationship with each and every customer
One of the main reason for a customer to return to your business is because they like it. A lot like love, customer loyalty also stems from an upbeat emotional connection with any particular brand or business. If they get positive customer experience and they love your brand, they will return. Ok, let us see. You have this regular customer who comes into your shop. You create an awesome customer experience, catering to his customized needs. So, he keeps coming back to you. It is also possible because you anticipate a customer’s needs before they even realize it and you know how to cater to it. You also aim to make every customer feel special and provide consistent customer experience across all platforms for them.
Provide value for the customer over and beyond monetary discounts
10% off, up to 50% discount, these are the common announcements that an avid shopper normally sees, during a celebration or certain holiday season, either be it online or at a physical store. Most businesses are involved in a tug of war, trying to compete hoping to capture and retain customers offering more discount over the other. Hence, trying to stand out amongst these can be quite tricky. But, definitely not impossible. A smart business will try to cater value to a customer. You can add value for money, catering to customer satisfaction and delight.
Efficiency topped with technology is the key to customer loyalty
Making it easy for the customer as well as the businesses, there are now a variety of programs, that help you to leverage on technology, helping to automate every phase of customer journey from the marketing of sales. Same as there is customer relationship management software (CRM) to optimize the pre-sales journey for the business and customer, there is also customer software services for creating the positive post-purchase customer experience. Access to email or chat options with customer executive becomes more easy with these programs. It also enables you to provide materials customers can easily access, which offer customized solutions, addressing the pain points of expected issues that could crop up. Videos on “how- to?”, access to customer support channels, all are made easy. This, obviously would save a lot of time and effort for customers, while also creating value for them. You could make the post-purchase customer journey easy for them.
Well, these tips sound too difficult? Or too expensive? More than expensive, I am sure these tips would be more of help for your business to deliver the most constructive customer experience, thus ensuring an increase in customer retention and customer loyalty rates. Thus, wouldn’t you rather get on to delivering an upbeat experience for customers? Believe me, it definitely goes to increase customer loyalty and you know there’s no referral better than a returning customer.