C’mon, you’ve heard the stat: Acquiring a new customer costs five times more than retaining an existing one.
Customer loyalty is the lifeblood of any successful business. Not only because they make repeat purchases; they also act as brand advocates, spreading positive word-of-mouth and driving new business.
If you’re experiencing customer churn, consider these strategies to keep them sticking around longer:
1. Focus on relationship-building. Customers are just people, too. They’re more likely to remain loyal to brands that they connect with on a personal level. So make them feel valued, supported and important.
This can be as simple as addressing them by name in email campaigns, remembering their preferences with exclusive offers, engaging with them on social media or giving them a sneak peak of what’s ahead and asking for their input.
2. Prioritize responsive service. Show your customers that you’re committed to providing them with a positive experience. That means you can’t ignore their emails or social posts.
Respond promptly to customer inquiries or concerns and strive to resolve any issues quickly and effectively. Positive reviews of how your brand handles challenges will only help to bolster your reputation and make your brand more likeable.
3. Implement a loyalty program. Reward repeat customers and incentivize them to continue doing business with you.
Loyalty programs are especially effective for encouraging specific customer behavior. Offer perks to customers who spend a certain amount online in a given month, such as exclusive discounts or early access to new products. By rewarding loyalty, you can strengthen your bond.
4. Provide consistent value. Meet their needs and expectations — consistently. Communicate the benefits of your products or services clearly and effectively. Provide useful information that assists in the decision-making process and demonstrates why they should choose your brand over the competition.
For example, guides and tutorials can help coach your audience through your product or solution experience while showcasing your expertise. And remember, after the initial sale, the engagement doesn’t end. Follow up to ensure their satisfaction, gather feedback on their experience and offer assistance as needed.
5. Foster a sense of community. Create opportunities for your customers to engage with each other, such as online forums, social media groups or customer events.
Lacking a Facebook or LinkedIn presence? It might be time to build one. Encourage them to share their experiences and connect with like-minded individuals.
6. Highlight your brand’s broader values. Demonstrate your brand’s commitment to social responsibility and ethical business practices. More and more businesses are adopting this approach to demonstrate to employees, consumers and stakeholders what matters most to them on a human level.
Consumers are paying attention, and they’re more inclined to support brands that promote a sense of social and environmental responsibility and inclusiveness.
Creating a loyal customer base isn’t a matter of chance. It takes time, patience and a whole lot of consistency to establish your brand as one that people know, like and trust. But by doing your part to foster their loyalty, you’ll create your brand’s biggest fans.