Brand loyalty is the driving force behind any successful small business. In order to establish this, companies need to constantly focus on engaging their target audience. The importance of repeat business and brand evangelists cannot be understated. Acquiring new customers is perhaps the most difficult task a company will undertake which makes retaining current customers essential for a healthy bottom line. Establishing a human connection with your customers will help to build a relationship with them which will make your brand more memorable. Recent studies show that 48% of Americans determine their loyalty through their first purchase or service they receive from a company. While the first touch is the most important brand loyalty can be affected by all aspects of the customer experience. Here we’ve outlined some of the key aspects that impact your company’s ability to establish long term customers.
Social Responsibility
There are many different ways customers view a brands level of social responsibility. Hot topics of late include environmental impact, charitable donations and political views. Customers tend to gravitate towards brands that share the same views. Supporting a worthy cause and making it well known will draw in customers that have been affected by the issues they are trying to solve. Conversely, brands that ignore social issues and trends can be viewed as opposing each side rather than appearing to be neutral. While politics are not necessarily a priority when it comes to marketing your brand, the actions of your company when it comes to funding and strategic partnerships should be scrutinized to ensure you don’t offend your current customer base.
Nostalgia
Many people stick with a certain product based on the memories they have created while using or consuming a certain product. There are people that will always go back to the same restaurant because that’s where they had their first date with their spouse. Making your brand a part of a happy memory can create customer loyalty that lasts a lifetime. Marketing your product and services in a way that provides examples of how they can be used to create lasting memories will drive customer retention.
Trust and Reliability
The quality of your products and services is the most important factor in establishing your company as a trustworthy and reliable business. Providing consistent quality of service to all customers is essential in developing a good reputation. Delivering on your brand’s promises is at the heart of customer loyalty so accurate expectations should be established prior to someone making a purchase. Overstating or exaggerating what your products or services will provide can cause significant damage to your reputation.
Customer Rewards
Offering a rewards program based on frequent purchases is another great way to establish a loyal customer base. Make sure the program you offer is attainable and easy to understand. There are different ways to approach the tracking of your rewards program. Depending on the demographics of your potential customers there are different ways to track your rewards program. If you have a more youthful audience, using a phone application may work best. For businesses that cater to a more mature customer group, using a rewards card may be more appealing. Knowing your ideal customer is necessary in order to incorporate a rewards program that fits your business model. Make sure the incentive you offer lines up with the amount of money spent or time required in order to obtain the bonus offer. Continue to promote customer loyalty by offering more substantial rewards to people that show continued support of your business.
Customer Service
Loyal customers are the life blood of small business. Repeat business is what fuels the bottom line so ensuring your customers are satisfied with every visit and purchase is vital to continued success. It’s important to realize that every customer experience needs to be treated with care. With information becoming so easily available online it opens your business up for increased exposure as well as criticism. For a fledgling business, just one bad review could mean a significant drop in revenue. There are many aspects of great customer service and it is necessary to train your staff to handle any situation.
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