We are in such a consumer-oriented era that we sometimes get so focused on acquiring new customers, extending our brand and gaining new markets that we forget to question whether this is truly cost-effective.
Imagine the following scenario: would you prefer to continue working with an existing customer or spend resources to attract a new one?
The famous concept of loyalty embraces a set of values that are applied on a daily basis and that can easily be transposed to your business culture. The most important of these is loyalty. It ends up being a long-term relationship, but one that will bring you great benefits.
And if you don't believe us, trust international marketing reference Philip Kotler who has captured the attention of all those who want to optimize their business: "Winning a new customer costs between 5 and 7 times more than keeping a current one".
All that is needed is a good relational marketing structure. The strategies behind these two little words allow you to build a connection between customer and consumer. Stay tuned for the main reasons to bet on loyalty!
Reason no. 1: The customer will buy again: Once you have captured the customer's attention and he has been able to prove the quality, level of service or any other aspect in which your brand stands out, you have already won the trust of the consumer.
Reason No. 2: Spontaneous word of mouth: if the customer considers your product/service as a favorite, he will refer it to his social circle. It becomes a good way to profit from free advertising.
Reason no. 3: Increased average value per purchase: in addition to the bonus of the frequency of purchase, the amount the consumer tends to spend, when he trusts the brand, is higher.
Reason no. 4: Revenue becomes predictable: if, for example, you run a tourist resort, by knowing the holiday period your customers take, you will know when to expect bookings and revenue.
Reason no. 5: Honest feedback: as the customer is already engaged in the experience your product/service offers, you will do everything in your power to advise in order to get a better experience. Consequently, you will be able to improve the business.
Now that you know the importance of retaining a customer, I suppose the next question is, "How would you establish such a connection in a world where people are increasingly distancing themselves from each other?"
In order to build customer loyalty, you have to satisfy them. In other words, you need to continue and improve the features of your business that the customer does not dismiss, while isolating particularities that can differentiate and highlight your product/service from the competition.
To do this you must create a unique experience, as each customer is a customer and has a different perspective of the value you can deliver. Therefore every detail must be analyzed. To build loyalty you have to know the customer, knowing their wishes, motivations and anticipating his needs.
However, do not confuse satisfaction with loyalty! A satisfied customer will be able to turn to the competition, while a loyal customer establishes barriers to the competition.