If you are running an enterprise, expanding your business is a logical progression and this is obviously achieved by finding new customers thus increasing your sales and revenue. However, too many organisations are so focused on generating new business that they completely ignore existing customers.
It is estimated that finding new custom is 500% more expensive than keeping existing customers. In the U.S., loyalty programs generated $300 million but this is set to increase to $1.7 billion in 2015. This suggests that successful businesses understand the need to keep ‘em sweet. The best way to do this is by giving them some attention and not falling into the typical trap of using your resources to offer new customers great offers thus ignoring and alienating your soon-to-be non-existent present customer base.
Keep In Touch
An easy way to do this is via a weekly or monthly email newsletter. This publication should provide special offers, discounts and details on precisely what it is that you can do for customers. No matter how you do it, be sure to showcase your company’s excellent customer service and inform consumers of the benefits of doing business with you.
Adding a personal touch can really help cement customer loyalty. While email is good for getting in contact with people, phoning existing consumers is a fantastic way of showing them how much you appreciate their custom.
Benefits Of Brand Loyalists
As well as saving you money in terms of marketing costs, brand loyalists have the following benefits for your business:
• Extra Voices: There are hundreds of millions of people on social networks and all it takes are a few hardcore fans to spread the word about your business. In an ultra competitive marketplace, this could make all the difference.
• Feedback: You can use your fanbase to test out new products and services. If they don’t like them, it’s unlikely your new ideas will be successful. Brand loyalists can act as a kind of sounding board for new ideas and also provide crucial feedback which should help you make improvements on your existing offering.
• Reliability: In an age of uncertainty when most consumers are willing to leave a brand at the drop of a hat, brand loyalists offer reassurance. As long as you treat them well, they will remain loyal to your business and provide you with an important safety net.
• Happier Customers: When you build the right community for your customers, you will make them happier as they will feel a certain connection with your brand. When you have happier patrons, you have fewer complaints which bode well for your overall reputation and you can bet they will be quick to pay their bills!
Begin Building Loyalty Today
Having brand loyalists is especially important for small local businesses that don’t have a huge marketing budget to work with. When you start on a loyalty building campaign, know your goals clearly as this should make it easier to see the steps you need to take. Once you begin the process, you are on a positive road that will hopefully help you retain loyal followers that not only keep your business afloat, but take you to the next level.