Loyalty begins when customers feel emotionally connected to your business or brand. Did you know that almost 60% of consumers are prepared to pay more to purchase from their preferred brands, to which they are loyal?
Loyalty taps into who we are as humans, the desire to build connections. When it comes to connections with brands and businesses, we’re no different. We want to be able to trust the people with whom we do business with, we want to feel comfortable doing business with them.
Of course, customer loyalty is important – this is not groundbreaking. Loyalty with your customers increases the frequency and amount they buy from you. It increases the lifetime revenue of a customer. Yes, it affects the bottom line positively, but these loyal customers also become advocates of your brand or business, spreading positive word of mouth. They are more understanding and are willing to forgive you and stick around (as long as you deal with their issues), and they know your brand better than anybody – giving them insight and value to provide you with the best feedback you might need to improve.
Building these long-lasting relationships with your customers is more important today and going forward than ever before. The science of relationship marketing is simply stated, yet sometimes difficult to execute. Simply stated: acquire, engage, and retain. The execution can be a challenge because sometimes we can overlook the nuances of taking an extremely human approach to the way we interact with our audience. Listening to our consumers is more important than marketing to them.
Sincerely understanding our customers, and meeting their unique needs in the right moment is the key to developing trust and loyalty in the long term.
Let’s look at a few ways to make your customers feel good about your business.
Surprises – A nice surprise that puts a smile on their face keeps them guessing and the relationship fresh. You do this for your significant other (hopefully), so why not for your loyal customers?
Consistency – This helps foster comfort and familiarity. Ensure all the ways you connect with your customers are as personalized as possible and have the same tone and voice.
Gratitude – Be sure to let your customers know how much you appreciate them and go above and beyond if something goes wrong – or even when everything is great.
Belonging – Let them know they are a part of something – build your community, engage through social media, and truly listen and implement feedback.
A few things to focus on to grow this loyalty that may seem obvious, but are worth having at the forefront of your culture. Providing exceptional customer service might be the easiest way to foster loyalty. Making somebody feel valued, heard, and respected goes so far. Another point to remember is to think long term. Having a culture of longevity rather than focusing on short-term profits will boost loyalty across the board. Another popular strategy is the customer loyalty program. Just providing incentives to your loyal customers sounds easy enough, but remember – keep it simple and make it meaningful.
Yes, the truth is that loyalty is great for your bottom line. But authenticity is key. Growing loyalty is not a ‘set it and forget it’ type of strategy. It takes constant effort and attention, but when prioritized, it will build strong customer relationships and showcase your positive brand image for a long time.
