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Simple Ways to Maintain Your Customer’s Loyalty
It’s a simple fact. A business needs customers to survive and those customers need to be loyal. Unfortunately, too many businesses today focus on growing their customer base while ignoring the customers they already have.
According to SumAll, a digital marketing platform, “25% to 40% of the total revenues of the most stable businesses in the SumAll network come from returning customers. Even better, steady customers help businesses weather lean economic times; businesses with 40% repeat customers generated nearly 50% more revenue than similar businesses with only 10% repeat customers.”
One of the biggest mistakes you can make in business is forgetting about your already loyal customers. Not only will you lose out on a lot of revenue, but you will also have to spend 7x the amount to gain a new customer vs. retaining an old one.
It’s no secret that gaining brand loyalty is rough. Your customers expect a lot from you and if you don’t deliver, they won’t come back. Unfortunately, maintaining that loyalty is only going to get harder as over half of the millennial generation doesn’t care if a product is a national or a private label brand.
Does that mean you should give up? Of course not. You probably just need to change your strategy.
If you want to keep the customers you already have (and make them more loyal to your brand) try these tips.
Be Authentic & Trustworthy
One of the easiest ways to drive away customers is to be dishonest with them. If you want your customers to be loyal to you, you have to be loyal to them. When you make a mistake, take responsibility for it. The sooner you let your customers know about it, the more they will appreciate the honesty.
It’s the same if something goes wrong. Be the first to let your customer know, even if it isn’t your fault. If they find out about it from someone else, it will look like you were trying to hide it.
Keep it simple and just always be honest, open, and authentic with your customers.
Reward Your Customers
Another way to help retain loyal customers is to reward them for their business. People like doing business where they feel appreciated, not where they are seen as just another paying customer.
There are many ways to reward customers. You just need to find the one that fits your business and your customers the best. Whether that’s sharing coupons, sending handwritten thank-you’s, or recognizing them on social media, do something to show your appreciation.
Listen To Comments
When someone posts a comment or concern on your website or social media pages, you need to respond. If you ignore it, it makes your business appear as if you don’t care about your customers. That will hurt any brand loyalty you already have. People like being appreciated so respond to their comments.
You can even go further than that. If a customer makes a suggestion that helps improve your business, recognize them for it. Then you will go from a business that doesn’t seem to care to one that listens and grows with their customers.
Share Your Values
Many businesses today are successful because they are purpose driven. This helps customers connect and stay loyal to those businesses. Think about Toms® and their ‘One for One’ slogan or Dove® with their mission to improve the self-esteem of women.
If your business is driven by a purpose, share that and use it connect with those customers who want to be involved. If people like your purpose, they will hang around.
Grow Your Brand Loyalty
It can be difficult for a company to create brand loyalty, especially if they are just starting out. But, it is something you have to have if you want to compete in the business world. Start building or gaining more brand loyalty by following the tips mentioned above.
Be authentic, honest, and trustworthy. Reward your customers, especially your loyal ones. Listen and respond to comments and concerns. Then share with them your values and your purpose.
What other techniques have you used to increase your brand loyalty?