Customer loyalty is invaluable to every business. A business subsists and expands mainly because it has customers. Therefore customers are, simply put, your business.
Every entrepreneur aspires to make a profit and building a sound relationship with your customers is essential in this regard. Also, in your cost reduction and profit maximization techniques, you require a huge customer base due to the lower cost of maintaining old customers as opposed to attracting new ones.
What is Brand Management?
In a fiercely competitive world, retaining customers requires that you have to shrug off competition from hundreds, if not thousands of other businesses within the same industry. One key strategy to employ is creating loyalty to your brand.
Creating attachment to your brand has a direct relationship with customer loyalty and business success. According to a McKinsey Research, “13% of customers are loyalists, who don’t shop around and 29% of customers shop around, but ultimately repurchase from the same brand”. This means you are just 8% short of naturally guaranteeing a 50% customer loyalty base.
This art of forging an emotional or rational attachment/commitment to your brand is referred to as Brand Engagement.
Consequently, here are 4 rubber-stamp Brand Engagement strategies you can employ to guarantee customer loyalty.
Premium Quality Products and Services
Surprised? – Don’t be. The primary and most effective strategy for ensuring customer loyalty is to provide top-notch products and services. No one is ever loyal to fake and substandard brands. Your customer base is likely to keep diminishing if better brands are available in the market. If you offer services, ensure your service quality and delivery stand out from the crowd. Distinction, proficiency, and professionalism are the key words to note.
Recent technological advancements in the IT industry have resulted in an astronomical increase in the number of people with internet access. Of a 7.5 billion world population (January 2017 est.), about 2.79 billion are active internet users – representing a 25% increase from January 2016. This is every marketer’s Eldorado. It serves as a channel to showcase products/services to several million, even billions of people with just one click.
Consider these tips for effective utilization of this strategy:
- Identify your customers’ favorite social media channels and engage them there. Instagram has the highest post engagement per 1,000 followers among all leading social media channels.
- Only promote informative and educative contents to your customers.
- Review and analyze your performance. Have periodic appraisal on the impact of social media marketing on your business and improve on them.
- Avail yourself the services of professional social media managers to engage your customers. According to Instamacro, humanizing your business is key because customers value human interaction more than automated messages.
- Use internet technologies like Bots which are applications that perform automated tasks. Basically, they’re used on websites to attract attention and gain more likes and followers.
World-Class Customer experience / Customer Service
Excellent customer service is arguably the most important strategy that boosts loyalty to your brand. Besides, the overall opinion formed by a customer from the first contact to the completion of a transaction is vital to continued patronage. Here are some tips to improve customer experience:
- Hospitable Reception: A prominent feature of any business is the interaction with people of diverse origin and culture. The first contact your business has with them goes a long way. It is, therefore, important to adopt a welcome policy for your business. Simple words such as ‘welcome’, ‘good day’, ‘Thank you’ etc. does the magic.
- Ease of doing business: Transacting with your business shouldn’t be irksome and tiring. Whether you run a conventional or online business, every transaction should be a rewarding and refreshing experience.
- Attentiveness: Customer feedback affords you the opportunity of getting customer opinion regarding your business. A recent consumer and IT business survey reveals that 57% of consumers listed “having a negative review unaddressed” as a top reason they would dump a brand. This makes it imperative to get routine feedback from your customers and act on them immediately.
- Customer Privacy: A customer loyalty research by Accenture strategy finds that a whopping 85% of U.S. consumers are loyal to brands that protect the privacy of their personal information. Mishandling personal information of your customers is a travesty!!! It kills customer confidence thereby causing irreparable damage to your brand.
Reward Customer Loyalty
You should learn to reward customers that are loyal to your brand. Pinpoint high performing customers and reach out to them. This may come in form of special discounts, and cash incentives. A sense of importance is created in customers who are rewarded for their loyalty and this guarantees increased loyalty.
Lastly, ensuring customer loyalty requires synergy in the use of diverse strategies to gain the trust and confidence of your customers. Provide phenomenal service at all times and enjoy an unwavering commitment to your brand.