Important Tips to Build and Retain Customer Loyalty
Being successful in business relies almost completely on obtaining and retaining a steady customer base. Successful companies usually have 80% of their business dealings through approximately 20% of their customers. In all actuality, too many businesses are neglecting this pursuit of customer loyalty in order to obtain new customers. Any effort to obtain customer loyalty is worth it in the long-run and will pay off substantially down the road.
The best ways to build customer loyalty include:
- Communication: Reach out to recurring customers through such things as e-mail newsletters, a holiday greeting card, monthly fliers, etc.
- Customer Service: Go the extra distance to meet customer needs. Even though the saying “The Customer is Always Right” doesn’t really apply anymore, a good solid customer relations process is highly important.
- Employee Loyalty: In effect, loyalty works from the top down. This means that loyalty shown to employees makes for happier employees and they will pass that happiness and loyalty on to customers.
- Customer Incentives: Customers need reasons to return to a company for repeat business.
- Reliability: Be reliable and do what you say you’re going to do. If problems arise, though, be upfront with customers immediately.
- People over Technology: The more difficult it is to speak with a human when necessary will make the customer shy away from doing further business.
Obtaining new customers is the first step to a successful business. Retaining those customers by following some of the tips above will allow a business to remain successful for the long term.
Source: Gary Sorrell, Sorrell Associates, LLC
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