The internet has brought us many wonderful things but it also brings competition. Businesses have to offer something really special if they want to be in with a chance of getting noticed. That’s why so many businesses offer a free trial, or a discount on your first order, as a way to entice customers over from their competitors. But these offers only apply to new customers, what about the customers who have already chosen your company?
As much as you need to attract new customers to grow as a company, you don’t want to lose the ones you’ve already worked hard to get. Business.com claim that “acquiring new customers costs 5 to 10 times more than selling to a current customer”. Why not put that effort into existing customers? Especially because just a 5% increase in customer retention efforts could result in more than a 25% increase in profit. It’s beginning to make more and more sense to pay attention to your existing customers.
So, what can you do to increase customer loyalty for your brand? We’ve identified a few things you can implement to keep customers coming back for more.
Get your service up to scratch
It sounds obvious but if you’re providing a shoddy service, you can bet that your customers will look elsewhere next time. Results from a ClickFox study show that low brand quality is named as the biggest deterrent to brand loyalty by 35% of respondents. However, it’s not just the actual product or service you’re giving people that you need to worry about, it’s how you deliver it too. In that same study, 48% of consumers named poor customer service as the biggest deterrent.
On the other hand, really good customer service is brilliant for customer retention. Research shows that customers are more likely to make a second purchase from a company after having a good customer service experience. Not only that, but 33% of respondents said that they shared their good experiences with over five other people. So, for the sake of improving your customer service, you’re increasing your customer loyalty and potentially bringing in new customers at the same time!