Keeping the ‘Loyalty’ in Your Customer Base
Why is it important to build customer relationships?
For starters, it is crucial for a business owner to connect with their customers for reasons including:
The risk of losing customers decreases: One of the main reasons a customer will stop using a certain product no matter how long they have been purchasing it is negative customer relationships. Customers want to feel connected to your company and they want to feel secure. When your company offers ways for your customers to feel personally connected, chances are they will end up staying with you in the long run.
Keeps a healthy competition between businesses: Strong customer relationships result in the retention of loyal customers. Most companies want a loyal customer base, so they will do anything to build that platform, meaning that the “market” for loyal consumers becomes a pool for competition. If a customer does not feel connected and rather neglected, they will end up putting their money into another business; your competition.
It is less expensive to keep old customers as opposed to looking for new ones: Seeking new customers becomes more costly due to more ad and promotion expenses. It is financially beneficial to keep these intensive costs down to a minimum. Each time you engage in these expenses, you want to keep the customers you have attracted by setting up structured customer relationships.
Revenue increases from a single customer: When a customer has a satisfactory experience at your business, they will keep you in mind and continue to come back, continuously purchasing from you. Keeping a calm, honest, caring and friendly feel for your customers will have them coming for more.
Your brand becomes stronger: When customers are treated exceptionally, they generally won’t mind spending a little bit of extra money for the experience. Satisfying customers doesn’t always mean you need to spend crazy numbers or do tremendous gestures. A homey, comfortable environment starts with simple acts that can evidently show your customers that you prioritize their needs.
Where might you start?
Communication: As with any relationships, communication is key, even if it’s with your customers. Instead of simply promoting your business and scripting it to your customers, develop a conversation. This communicative conversation should include finding out what their needs are and showing them how you can attend to those needs. As for your employees, they should also be communicating similarly with the consumers. This can be done through ensuring your employees are meeting regular follow-ups, responding to messages and caring to meet customer needs.
Raise the bar: You never want to settle. Instead, you want to be consistent with raising the bar in terms of company offerings. A good technique to keep customers impressed and returning is to keep promises to a minimum while keeping delivery to a maximum. Do the unspoken; deliver earlier, give surprise rewards, etc.
Request feedback: Your customers opinions, good or bad, are vital. Customers always speak their mind, so give them a chance to discuss with you while you show that you are actively listening. This feedback will help you, as the business owner, to understand the customer side. With this, you can adjust and revise in order to achieve the best solution for consumer needs. Feedback can be received through simple conversation, available comment cards or surveys.
Use your available tools to connect: As technology has become a way more available and advanced tool, the possibilities are endless when it comes to connected with people. Use this as an opportunity to connect with your customers. Use social media to ask questions and respond to messages.
Appreciate your customer base: Appreciation can be shown by providing loyalty discount programs or reward cards to long-time customers. This shows you are saying “thank you” for their lengthy stay with your company. Another small way to show appreciation and keep your business at mind is to hand out branded items like pens or shirts.
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