At the present day, we reside in a world of growth hacking and smart startups taking the industry by a storm. As a consequence of this, most of us concentrate on acquisition of new customers, although it would cost 7 times more than retention of old customers. While it is true that there’s no error in striving hard to boost your base of customers, it is necessary to keep in mind the value of brand loyalty and customer retention.
SumAll, a social analytics platform reveals that 25-45% of the total revenues generated by majority of the established business come from customers who keep returning to them. Steady and constant customers can even help businesses combat dire financial situations. The business firms which have at least 40% returning customers generate 55% more in the form of revenue as compared to businesses which only have 10% returning customers.
Brand loyalty – One of the most difficult assets of a business
It can’t be denied that brand loyalty is one of the toughest tasks that a business has to accomplish. Businesses had to rely totally on the customers and make sure they had a positive experience working with them. Though it is easy to make them go through an easy experience by using tools like Constant Revenue, yet there are many businesses which haven’t figured out what they should do. While a business organization requires mastering the art of generating more revenue via repeating customers, they also have to stay informed on the steps to take.
Tactics to boost brand loyalty – Get new customers and retain the old ones
Include your fans within your website’s content
If you’re a constant participator in the social networking sites, there must be fans that have shared your business content or appreciated your brand to their personal followers. Once you put them on the spotlight and tell them how much you appreciate their efforts, they reciprocate to your appreciation and gradually become valuable assets of your company. You can also put your fans on your blog as this will not only engage fans with contests but also ensure active participation.
Send something to customers which they didn’t expect
If your fans show interest in you and your whereabouts, it is expected that you too will do the same. Check into the social media accounts of the fans or customers to understand what they enjoy and then you can send something that they love. Once they receive it, they will not only be taken by shock but they will also discuss the same with their friends and family and also on the social media. This will also increase the number of customers in question.
Seek advice from customers and give them credit
One of the most lucrative ways in which you can help customers remain loyal to your brand is by improving constantly. Rather than going just by your gut or by numbers, it’s better to determine what the customers want. Leave enough room for your customers so that they can offer suggestions. Offer them some kind of perk for participating in such polls. Finally, if you change something based on the feedback of the customers, you should give them credit. Announce their name through all the marketing channels.
Keep upgrading your customers
If there are customers who are openly and actively engaged with your business on a daily basis, they’re the best candidates to receive full-time experience of everything. In case there’s an upcoming product line, send them an update which they may not have tried. Give them a free upgrade if you offer a premium service. The cost that you incur is negligible as compared to the impact that the customers have.
Be available when customers look for you
Your blog or social media channel is not definitely the only channel for customer service but they are just one among the others. Always be sure about the fact that the people who are leading the customer care stations are competent enough to help customers in solving all their issues. No, the customer care representatives shouldn’t always direct them to the customer service page but still it will mean staying by their side during some confusion.
So, if you wish to build your business with a group of loyal customers, you have to take a step ahead to satisfy your customers. Just as any other asset, brand loyalty is not free but at the same time it is worth working for.