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5 Key Ingredients to Customer Loyalty

Posted by Tricia Gopi on Jun 9, 2020 6:00:00 AM

Netintegrity - Customer LoyaltyConverting leads to customers is essential to success but once you have established a strong customer base, it’s important to keep those customers coming back, continuing to choose you over competitors time and time again. According to research by Temkin Group in 2018, loyal customers are 5 times more likely to forgive issues, 4 times more likely to refer new prospects, and 7 times more likely to try a new product or service from that company. When customer decide that they prefer one company to its competitors, that customer’s repeat business is considered loyalty, sustaining that loyalty is essential to enduring success.

Personalization

No matter how big your business becomes keep your company relevant. Out a face to your company in which your customers can easily relate. This means sharing information about your team on social media and in marketing material, showing up in the community, participating in local events and fundraisers. Not only will this create brand awareness – a win for your marketing team – it will also help humanize your company and keep customers feeling connected. A Motista study found that consumers with an emotional connection to a brand have 306% lifetime value and are 71% more likely to recommend that company.  

Dialogue

Give your customers access to information about your business and keep them informed. Regular newsletters, weekly or quarterly, keeps customers aware of your intentions. Companies can enhance communication by sharing new projects in the works, updates on partnerships, and even local events or sponsorships. When customers know what it is companies, they’re engaging with are doing or planning, they have the opportunity to get excited about the future of that business relationship.

Communication

Increase communication channels and make it easy for customers to reach out to your front facing teams. Enabling a dialogue between customers and company representatives can be done through social media, website chat bots, phone lines, or even email. According to Forrester research, 33% of customers have contacted a business using social media, and a 2017 Microsoft report indicates that 66% of customers used at least 3 different channels to contact a company. Ensuring there is a way for customers to get in contact with your companies whether there’s a complaint, a suggestion, a comment, or curiosity is important in emphasizing the importance of customers’ voices.

Transparency

As soon as a company becomes aware of a problem or a mistake it’s imperative for customers to address issues quickly and honestly. Admitting exactly is going wrong and any challenges it creates as well as a timeline of when the situation will be remedied. Customers don’t expect everything to always go perfectly, so when a company hold themselves accountable for mishaps or unexpected events it builds trust and loyalty.

Satisfaction

According to Microsoft, 96% of people say that customer service influences their brand loyalty choices. If customers are not pleased with the service they’re receiving, they’re more inclined to look elsewhere to competitors, so it’s important to offer stellar customer service to achieve widespread customer loyalty. Looking to competitors and evaluating what is keeping their customers loyal then adapting your strategy is one way to address customer needs before they realize that there is something, they can get somewhere else.

Topics: Customer Satisfaction, Community, Trends

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