Foster a Loyal Customer Base: 3 Reasons Why and 4 Methods to Manage It
We all know that loyal, long-term customers are the lifeblood of most businesses. Current customers are less expensive to sell to than potential customers, and they are often your personal army of advocates.
Here are 3 specific reasons to take the time to foster your loyal customer base:
-They are a great source of referrals of potentially good customers.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text]-They understand that you need to make a profit to stay in business. They will not nickel and dime you and will see value in your product/service.
-These are usually the 20% of your customers that account for 80% of your profits.
But how do you inspire that loyalty?
-Deliver more than what you promise. Consistently. Always give them more than what they expect, providing real value to your customer.
-Fix any problems with your products/service. And make sure your customer is happy with the fix.
-Provide an outlet for customer feedback. Remember that a complaint is a gift, because it lets you know you have a problem. And it gives you an opportunity to fix it before more people get upset.
-Find creative ways to add value to your customer’s experience. This can be the simple personal touch of a birthday or Christmas card, special events/parties for loyal customers, or special pricing or incentives. Proceed with caution here, though. Do your homework to fully understand what your customer perceives as value. Discounts and freebies do not resonate with everyone.
When you take the time to uncover the needs and values of your high-yield customers, you will be able to deliver an excellent experience for them, and they will be truly loyal to you and your company. You will have done the hard work to foster a loyal customer base who will not even consider going anywhere else for your product or service, because you will be exceeding their expectations consistently.