Whether it’s a shop, small business, or big enterprise, everything runs on the demand of the customers. The customer is king in every sense. You are providing your products and services to fulfill the need of customers. But this is a tough world. One simple mistake and boom, you have lost your valuable customers. Also, customers are always looking for their benefits, which means wherever they will get better options they will go there. In this high competition era, how to maintain customer loyalty for your business?
Let’s, first understand what is customer loyalty?
Customer loyalty is the meter through which you perceive how much your customers are willing to engage with your services and products again and again. It makes for constant revenue. Customer loyalty also helps in attracting new customers because they will recommend you to their friends and family.
The meter of Customer Loyalty
There are multiple ways to measure customer loyalty. There are intentions behind the purchase, how much time they invest in your products and service, their feedback, and how much satisfied they are with you. Let’s have a look at different meters of customer loyalty one by one-
Customer satisfaction level
They are divided into NOT SATISFIED, SLIGHTLY SATISFIED, SATISFIED, VERY SATISFIED, EXTREMELY SATISFIED
The churn rate is the number of customers that cancel your services and don’t renew your subscriptions.
Customer Lifetime Value
This is the relationship of your business with your customer
Repeat Purchase Rate to test Customer Loyalty
The number of customers that return to you for getting products and services
The percentage of people who recommend your services or products to their friends and family through various mediums of social sharing
How To Build Customer Loyalty
There is a whole field of study dedicated to solving this issue. Let’s look at various practices you can go into right now for getting good results-
Enhance Customer Experience
Business is all about relations. Everyone wants to feel good while dealing with others. If your customers feel satisfied with the products and behavior, they will surely return to you. This makes the goodwill of your business. You need to provide an experience far better than their expectations to enhance the relations.
Good Communication To Build Customer Loyalty
The modern era of digital culture is all about communication. Communication helps you to keep in touch with the grievances and needs of customers. There are now multiple ways of communication. It works in other ways also, enhance your communication channels so that it is easier for your customers to interact with you. Various communication channels you can work on are-
Specific and important. Various campaigns and formal grievances can be solved here. Provides private and confidential medium
Genuine feedback, promotional events, offers, discounts, and engagement with customers on a real-time basis
Online grievances can be resolved here easily. Fast and engaging.
The most human form of interaction in today’s world. Hearing a human’s voice on the other side understanding customer’s problem and feedback can do wonders for enhancing customer experience, thus customer loyalty
Who doesn’t like rewards? You can remain in the competition by providing rewards from time to time. They need not be monetary benefits, there are many ways of rewards in the modern world. Let’s have a look –
Each product purchase or service renewal gives points to customers which can be later redeemed by them for discounts, bonus offers, or products and services.
The higher amount they spend on your services, the higher the rewards and thus more benefits. It’s a loop that works great and boosts customer loyalty like none other option.
You can offer exclusive offers to customers if they are eligible for it by making few conditions. May it isa VIP feature or Prime feature, you can give extra benefits to customers who are willing to do it.
Really important and highly effective. Customer feedback and working on it can get you far ahead in getting customer loyalty. First of all, it creates two-way communication between you and the customer thus making him feel like he is being listened to and he is working alongside you to get the best features so that he can remain your customers. Focus on feedback.
Quality overpowers everything. There have been real-life cases when the marketing was not that much great but the quality was super and this lead to the brand becoming popular. However, It’s the golden rule of business. If you provide quality every single time, customers will love you. Take Apple, for example, they never compromise on quality and look at their fanbase and loyalty. Quality holds supreme power in your business, and you don’t need to worry about your customers going elsewhere.