Loyalty is market share.
WHAT is Loyalty? Loyalty is a strong feeling of support or allegiance.
So why is loyalty so important?
Returning customers provide 25% to 40% of the total revenues of the most stable businesses. Even better, steady customers help businesses weather lean economic times; businesses with 40% repeat customers generated nearly 50% more revenue than similar businesses with only 10% repeat customers.
Researching how to improve customer loyalty on line or through various marketing articles and literature, you will discover that among all the hundreds of hints and tips to improve loyalty 3 main factors consistently emerge.
Customer service: the ability to give your customers what they need with the minimal amount of resistance. Creating a connection with them and maintaining that relationship. Being able to surprise and delight your customers when they least expect it. These are just a few ways to assist in providing good customer service. The key is treat them right on the first occasion and get them coming back for that customer service. Leading by example is the best policy in my book.
High Quality product: ensure whatever service or products you are providing/selling is the best it can be. We all strive to be the best in our respective industries, and competition is healthy and drives us to seek success. Also remember the quality of your products and service are reflective of your business and brand.
Ongoing communication: keeping a running dialogue with customers in regards to other customers stories and specials. Communication with customers in regards to negative feedback is vital. Too often business do not respond to disgruntled customer as it is too hard and some even think the customer is wrong. Remember the golden rule the customer is always right, and you need to treat the negative feedback as a gift and use it as an opportunity of positive publicity to other customers that you want to make things rights and not through complaints in the too hard basket. Remember to also use the same form of communicate that you receive the feedback in. If you get a phone call, call them back, if you get an e-mail, email them back and if you receive it via social media then use social media to respond.
The majority of people in our communities are loyal, and it is how we conduct ourselves and our behaviours with our customers that gives them the choice to stay or leave.
Loyalty does build market share.
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