How to build customer loyalty in the age of choice
This article was originally published in BizWitty.
Customer loyalty in the age of choice, it can feel almost impossible for a business to retain the loyalty of their customers.
Gone are the days of staying with a brand out of familiarity, but does that mean losing the return customer who quietly feeds your business growth in the background? Fostering loyalty in your customers need not be a Sisyphean task.
Three out of four customers have said they spend more money with a company when they have had a positive experience, yet businesses often have such a heavy focus on finding new customers that they leave existing customers feeling forgotten or taken for granted. Satisfaction surveys have shown this feeling to be the number one reason people site for changing suppliers.
New customers are, of course, essential to growing your business but by keeping your target trained solely on this group, you risk alienating the section of the market you’ve already put in the time and outlaid the money capturing.
The cost of maintaining an existing client is almost seven times less than creating a new one. Once a client has come on board they require less time and resources from you to service, this coupled with the tendency of consumers to increase their use of a service over time helps keep costs associated with marketing to a minimum. When customers feel like a valued part of a business they are less likely to explore other options in the market.
The loyal customer is a boon to businesses, create them and you have the benefits of not only their custom, but an unpaid member of your team, out in the world heading up an organic marketing campaign for you.
How do we Build Customer Loyalty?
The key to customer loyalty is keeping customers happy and instilling a feeling of being valued by your brand. Your interactions need to leave them with a feeling of satisfaction and that they, the individual are important to your business. CRM is a simple solution for managing the processes that builds these feelings - and hence builds customer loyalty. Using a CRM allows for personalised service without costing your business time.
Better Client Relationships
The key to all good relationships is understanding and communication, something where your CRM can really shine. The more you know about your customers, the better you can understand and anticipate their needs.
CRM allows for data to be collated and accessed by all relevant staff members. Even when a client is usually managed by one person, there will be occasions where this is impossible – leave periods, when staff move on, and the like. Using the easily located information within the CRM, you’ll no longer risk losing important client insights when these changes happen. Should the need arise, any member of your staff can provide the high level of service and attention to detail your clients expect.
Contacting customers on appropriate dates can be easily automated while maintaining the appearance of a personal touch. Individual clients only receive the information relevant to them. Whether this is reminders for contract renewals, product upgrades or a discount voucher on their service anniversary, they receive personalised information important to them and enables them to feel important to you as a customer.
CRM is a fantastic tool for turning existing customers into loyal customers with minimal effort and huge results. Customer engagement is just one of the many areas CRM can help your business thrive.