With an increase in the competition and the number of choices, there are so many reasons why consumer loyalty is worth a lot to your company in 2018. While acquisition is 5-7 times costlier than customer retention, consumer loyalty brings with it the chance to acquire new customers too. Not just repeat business but referral also becomes advantageous through customer loyalty.
Customers with trust and faith in a brand are the ones to recommend it to others. They will even broadcast your business on social media channels and through emails. In fact, it’s not just that the consumer loyalty is invaluable to the company, but also the question of what losing out can cost a brand in terms of profits, visibility and dented growth opportunities. The importance of customer loyalty for businesses in 2018 cannot be stressed enough.
While others are providing just services or products to a customer, Pathwwway Panama suggests that your company needs to work on instant brand recognition and recall. Whether you visit your favourite shop or restaurant, repeat visits will only result if you are more than satisfied with their products and services and relate to their values as well.
Why Customer Loyalty Matters
Win-win outcomes result from the start to the finish with customer loyalty in place. Whether it is front line workers or back end operations, their skill matters when it comes to retaining customers and initiating a positive consumer purchase decision journey. Open lines of conversation and communication, empowering your clients if you want your business to grow.
When Customers Care Enough
Customers are your first point of contact for insights on pricing, services, products etc. To open lines of communication is to have regular meetings and listen in. Being open to change and listening to the conversation can give your business a powerful voice. As it impacts them directly, customers are aware of how to create a sense of belonging for a community of peers and like minded individuals. Customers are tech savvy and aware about product attributes and service features too. They carry out their research online and go to local stores for reaching out, when it comes to products available at optimal quality and affordable rates.
Why Expertise Counts
As customers frequent a business, they gain expertise in terms of the product they are seeking. Their loyalty is an indication your brand is doing well. Sharing knowledge with the company blog through social media channels can also serve to initiate a dialogue and a deeper interaction. Whether one shares an FAQ series or builds a database of knowledge, the resulting consumer loyalty results in more sales, better margins and easier brand building and awareness.
Engaged Customers= Massive Profits
Traditional marketing knowledge no longer counts for a lot. The means by which marketers engage with customers is rapidly differing. Social media networks and search engine companies change algorithms. Customer loyalty takes the guesswork out of market intelligence and provides a business tools on how to deal with strategies.
Hyper Personalisation= Increased Sales
Customer loyalty heralds the age of hyper personalisation with the use of analytics and strategies from the program. Analysis of data from promotions, referral program survey and other well established channels. The result is a customer profile one can get right. As millennial customers come of age, Pathwwway Panama knows that securing their loyalty is worthwhile for all companies. Brands need to promote and cultivate a customer persona accordingly.
Build a Secure Brand
Giant companies like Deloitte and Yahoo only secure customers when they promote a brand customers trust. Customer loyalty also signals that your company is a secure brand. Reliability is the hallmark of effective promotion.
The Perfect Host
Jeff Bezos, the CEO of the e-commerce company Amazon, remarked that customers are “invited guests” to a party or event and the company is the host. Customer experience is not new. But the explosion of social media channels and the digital media boom has empowered more customers than before. Selection and dismissal of brands is effortless, and it can make or break business prospects. Delighting customers with the wow experience is more than just meeting their expectations, it is about surpassing the requirements.
Customer Experience Determines Profits
Loyalty brings a lot of payoffs for companies. Research by Bain and Company indicates that a 5 percent increase in customer retention can raise company profits by 75 percent. Retention results in more than just a customer experience that is impeccable. Revenue growth of company experience leaders is 5.1 times more than that of the brands that fail to instil loyalty according to Forrester. Amazing company culture and true dedication to exceptional service has made customer experiences amazing. Securing heartfelt customer delight is the key to success.
Be Proactive Rather than Reactive
A proactive approach offers the best outcomes. You need to pre-empt what customers think, before spending time and energy to reach out to them or it will be a wasted effort. Around 89 percent of customers experience frustration, when they repeat issues to reps, according to Accenture. Reaching out to customers is the way forward for brands that want to create a deep, meaningful connect.
Customer loyalty is more than just securing profits. It is also about building a deep emotional connection. Your loyal customer is your digital advocate and your brand ambassador. Acquiring customers is easier if your current customers stick around and buy more, for that is the best advertisement! Rewards are possible in terms of marketing success as well. Building brand reputation is another pay-off of building customer loyalty.
With loyal customers at your side, you can also conquer business challenges and avert product or service failures. Product and service integrity can build deep bonds of loyalty and foster a deep commitment among clients. This is why customer loyalty can make a big difference, no matter what the size of your company is. In today’s market, with increasing competition and ever expanding customer requirements, customer loyalty is a means of securing your business. Whether you seek to survive or thrive, your brand needs loyal customers and a deep meaningful connect.