From bringing the wow-factor to having super-engaged employees, last week on our blog we learnt the secrets of providing an exceptional experience to our customers and how this, in turn, creates successful businesses.
In the concluding part of our mini-series looking at the customer, we’re going to focus on how that success can be turned into lasting relationships with loyal customers.
Studies show that keeping and growing loyal customers is just 10% of the cost it takes to acquire new business. That’s why building customer loyalty, and turning your customers into brand ambassadors, is key for any business.
Here are four ways to build lasting customer loyalty:
Build great relationships
Strong relationships are the foundation customer loyalty is built on. Every industry has two types of buyers; relationship buyers and transactional buyers. The latter only ever care about price and have no interest in anything else. They pride themselves on being able to find a bargain and will go for cheapest product each time, displaying very little, if any, loyalty. Relationship buyers are by far the more important of the two because they stick with companies for a long time. They want a supplier they can trust, a product which oozes quality and an experience that always exceeds their expectations. Like any relationship, they require constant attention but by understanding your customers, communicating with them effectively and making sure they have everything they need you’ll be sowing the seeds for lasting success.
Exceed their expectations
There are few things worse than buying a product and it failing to live up to expectations. Whether it’s a 3-course dinner or a new piece of hardware, the premise remains the same and if the expectations we’ve been sold aren’t met we will be unhappy and disgruntled. This is why the experience our customers receive carries such high value. Delivering more and going beyond expectations leads to a warm-glow of happiness in your customers who will then want to share their positive experience.
Deliver an impeccable service
Expectations now go beyond just the product and extend to the service and support we receive. Poor service is a sure-fire way to lose customers. Obvious examples extend to highly competitive industries like leisure and hospitality where good service can be the number one reason customers remain loyal. Delivering great service extends to every employee, not just the front-line teams. By having knowledgeable, attentive and proactive employees throughout your organisation you’ll be ensuring your customers always receive a great service.
Stay ahead of the competition
Through strong R&D to embracing new technology, there are plenty of ways you can gain an edge on your competitors. Because they’ve embraced technology and a new way of working, businesses who use Quinyx as a workforce management solution are able to reduce the amount of time they spend on time-intensive tasks like creating a schedule. By doing this, they are then able to spend more time with their customers and give them a better service.
The secret to enabling these four things to happen is to invest in a culture where employees care about the customer and strive to make their happiness and satisfaction a priority.
By ensuring you develop and grow your customer relationships, have a high-quality product, deliver great service and innovate to stay ahead of your competitors, you’ll be doing everything you can to build loyal and happy customers.