Are you aware that about 80% of a business’s future revenue will come from 20% of its existing customer base? Yes, that’s true. To survive and do well in today’s competitive business era, businesses need to create a base of loyal customers. Creating a good brand image can assist businesses in driving more and more customers. The more a customer relates or connects with a brand, the more chances they will buy again and again from the same brand. A brand loyalty program can be implemented to build a loyal customer base. A loyal following of customers not only helps to accelerate sales but also ensures continued success.
How can you enhance brand loyalty?
Now that you know the importance of loyal customers, the next thing that comes to mind is attracting, retaining, and creating a loyal customer base? Well, here are some of the ways businesses can use to increase their brand loyalty:
#1. Deliver quality and value upfront
One of the best ways to build brand loyalty is to deliver all you have promised with the highest quality standards. Today’s marketplace is such that a customer has so many options available to choose from. If you let your customers down in terms of quality or value, chances are they will move towards another brand and may not come back again. Therefore, make sure to provide the best quality of products and services. Try to exceed your customer’s expectations. To provide the best value, it is vital to understand the requirements and expectations of your customers. Focusing on what satisfies the customer can certainly bring better results in the form of loyal customers. If a customer is getting everything he is expecting from a brand, there will be no reason to look for other brands in the market.
#2. Improve your brand loyalty program
Brand loyalty programs or reward programs are important in marketing strategies that businesses must create to build loyalty towards their brands. These programs are created based on the behavior pattern of customers who are committed to a particular brand. With a proper strategy, these loyalty programs can help to encourage customers to make repeat purchases, thus bringing better revenue and continued success for brands. To improve a loyalty program, businesses must study their customers’ buying and shopping patterns and accordingly deliver the products and services. Some of the key ways to improve a loyalty program include:
- Avoid asking for too much personal information as it may push a customer to leave your brand and search for another one. Gather only the required information that can help you to move ahead.
- Be certain to make your loyalty program reach your target customers in every possible way. Omni-channel advertising can be the best way to reach target customers easily and efficiently.
- Instead of focusing on adding customers, businesses need to create a strategy to engage their customers and develop the loyalty of new customers.
- It is equally important to educate employees about the benefits of your loyalty program so that they can enroll the most number of new customers.
- Evaluate your customers’ impressions about the ongoing loyalty program and how it changes their behavior.
- Always listen to your customers and implement changes wherever required.
- Use mobile applications to send in-app messages to inform your customers about new deals, offers, coupons, etc.
#3. Incentivize your customers for repeat business
Businesses must reward their customers for repeat business so that they get a reason to come back to your brand. Don’t forget to reward your current loyal customers for interacting with your brand. Try to reward various meaningful and ongoing interactions with your brand on various communication channels like email, social media, website, etc. Think about the ways such as a loyalty program to encourage customers to continue to stick with your brand. Also, make your customers feel valued by constantly reevaluating the program and finding the best ways to reward them. Businesses can even provide an incentive as a reward to the new customers upon their enrollment.
Keeping all the points mentioned above in mind can help businesses create a loyal customer base that will remain loyal by making repeat purchases with the same brand. What are your views about loyalty programs? Feel free to contribute your thoughts on how businesses can leverage the benefits of loyalty programs to retain their customers. Also, suppose you are looking for a consultation service or solution for loyalty program management. In that case, LoyaltyXpert’s team can guide you thoroughly in setting the best programs to meet your business requirements. Contact us today to schedule a demo.