Each company goes through a number of phases where they experience ups and downs depending on how well their business is doing. One of the best ways to ensure that your company is on the up and up is probably having loyal customers – but if this was so simple, all companies would be doing phenomenally!
Customer loyalty can be a tough cookie to crack, especially when most businesses don’t even know they need to take care of such an element. In fact, acquiring new customers is five to 25 times more expensive than it is to retain new ones. Research done by the advisory firm Bain & Co also claims that increasing customer retention by as little as 5 percent can help in increasing profit by over 25 to 95 percent.
These statistics show that by putting in just a little effort, companies can greatly benefit and increase profits. There are some effective ways to help retain customers and gain their loyalty. An important thing to keep in mind is that you need to maintain a relationship with your customers and need to make them feel important for them to be your clients for life.
Here are 7 ways to get your customers to absolutely love your business and stay loyal!
1. Keep them engaged
When it comes down to it, customer retention can be accelerated by reaching out and nurturing the customers. With the various channels now available, keeping in touch with a large customer base is extremely possible and easy.
Using social media platforms, personal messaging, emails and much more can help in keeping in touch with clients and keeping them involved in what’s happening with your company. Do you have any new upgrades to a software you provide? Some exciting news regarding your company? Or simply a milestone you’ve crossed? Share these important moments and information to keep your customers engaged.
2. 24/7 customer service
Customers need to know they can reach you at any time they need. Maybe they require an urgent service from you or need assistance with an order – time should not be a factor that comes between your customer and satisfactory service.
While emailing is a great way to let your customers reach you, many times direct contact is most effective and time efficient. Around the clock customer service can be provided through various mediums such as telephone or personal message on your website or platforms such as Skype.
3. Entice them
Everyone loves getting a little something special every once in a while. Why not do that for your customers to make them feel like you care and appreciate them?
Send across some cool discounts and coupons to your valued customers to let them know you are happy to have them as your clients and appreciate their continuous business opportunities. Getting a lower price on products or getting a free item is a great way to catch your customers’ eye. Not only will it entice them to use your company again and again, but it will also help you retain a great customer for a long time.
4. Provide value
While offers and discounts are a great way to capture your customers’ attention, it is necessary to provide value to them as well. Let them think of you as an authority company in the field of your business. This can be done by sharing newsletters, social media posts or even emails containing important information pertaining to your industry.
A great result of this will be that you can then build trust with your customers and gain their loyalty. Knowing your product and the market you are dealing in to understand your target customers can take your business a long way.
5. Understand your customers
Many start ups are doomed from the beginning because there just isn’t a market for the product or service they are selling. If you are lucky enough to have found your niche, you now need to strengthen your position. This can be done by listening to what your customers have to say – because who else is better to tell you what they really want?
Make sure you have a channel to get feed back from your customers and that it is also easy for them to give you the feedback. Another way to keep up with what your customers like or don’t like about your business is by keeping up with the comments and exchanges you have with them over social media.
This is another way engaging them can be super helpful. Once you do know what your target audience is looking for, you can easily provide it to them or change it in your process to create a seamless experience for customers.
Businesses need to understand that consistency is the key to retaining customers and keeping them loyal to your brand. No one likes being treated like a prince one time and then ignored the next. Customers need to be able to depend on you for great service every time and not just when it is convenient.
If a customer is used to a certain kind of treatment and is happy with the service provided by you, they are more likely to order again or use your service again. But if you don’t meet that expectation the next time, you’ve lost all trust and loyalty from the customer, leaving a bad taste in their mouth.
These days Instagram and YouTube are as big a platform as TV or movies to promote your products and services. There are plenty of actors as well as fashion and lifestyle influencers that can help in promoting your brand on social media. This allows you to not only target your niche audience but also get a larger fan base.
Collaborating with trusted influencers and celebrities can help gain the trust of customers and add a bit of glam to your product. Though on the downside, these collaborations can be expensive and the actions of the brand ambassador can something affect the company too. The latest example of this being Logan Paul, who recently came under the spotlight for sharing an inappropriate video on YouTube, and the video media platform was also criticised for having ties to the video blogger. So weigh your options and choose wisely when picking someone to represent you.
There is no doubt that customer retentions and loyalty are big factors when it comes to making profits in a company. It costs lesser to retain a customer than to find a new one in the long run as well. Customer loyalty can depend on a number of factors but by and large companies need to ensure that they put their customers first.
It’s never too late to invest in your customers and ensure they get what they want!
A great way to keep in touch with your customers and ensure you are on top of the game is to use a Customer Relationship Management system such as one from FIVE CRM. This software can be integrated into your everyday processes and help companies manage their customers as well as keep in constant touch with them. Get other important information such as statistics on customers and what’s working for your company or not to maintain an overall happy clientele!