Happy Customers, Booming Business
Customers are the foundation and heartbeat of any business and building good relationships with them is essential for success. A customer who is familiar with your brand, products, and services will be far more receptive to promotions compared to a first-time buyer. Having seen the value of your brand, they will also be more influenced to upgrade to a bigger package or service, thus boosting sales for your business. In addition, loyal customers may even become brand ambassadors who individually market your business for you and share promotions with others. Not only does this increase awareness of your brand, but having lasting customer relations in itself creates a positive impact on your brand name. Moreover, research suggests it is far more costly – up to 30 times more – to acquire a new customer than retain an existing one. As a result, retaining customers is far more profitable, cost-effective, and positive for your brand image.
Here are some crucial strategies that your business can implement in order to keep customers coming back:
1. Invest in Customer Service
Good customer service shows customers that they are important, which builds their trust in your brand. Whether it is making sure service staff are engaging and friendly or providing easy access to support, it is key to put effort into customer service.
Start by holding training programs for service staff to hone processes and improve their skills and knowledge about the business. Ensure that it is easy for customers to reach you, whether through social media, emails or calls, and reply promptly to enquires. Learn from customer-centric companies such as Amazon and Ritz Carlton, both known for their unyielding philosophy of serving customers well by being responsive. Investing in service is the first step towards building relationships with your customers, and goes a long way to maintaining their loyalty.
2. Offer Customers an Optimal Buying Experience
Apart from providing good customer service, give your customers a reason to stay. For brick and mortar stores, you could create a memorable and pleasant environment that puts your customers at ease. For instance, local music store Swee Lee includes the Swee Lee Social Club, a café within the shop for customers to unwind and relax. If you have an online store, it should be easy to navigate and have useful information to ensure a frustration-free experience. Exemplifying this would be Shopify, a Canadian e-commerce platform with clean templates to ensure smooth and organised buying.
3. Improve the Value of your Products
Improvements in brand marketing and product value are necessary to keep customers coming back. One marketing concept to employ is value proposition; the comparison of your products’ benefits to customers to the price they pay. Value can be increased by using either long-term brand building advertising that highlights unique points of the brand/product, or by offering a lower price.
To upgrade product value, it is critical to adopt market research using surveys or test markets. With a better understanding of your customers, you give yourself greater ability to influence brand advertising or cost in a way that best appeals to them. As a result, product value is consistently being improved, customer value perception is enhanced and customers are more likely to return.
A good example of value proposition is Apple’s iPhone, whose marketing concept is focused on the experience of their phones. Adding to this message are its genuinely unique features that centre around security, such as its fingerprint encryption (Touch ID), as a way to further distinguish itself in the competitive smartphone market.
4. Have an ‘After-Sales’ Strategy in Place
Encourage customers to return to your site or store by holding regular promotions and seasonal offers. Giveaways or contests also provide opportunities for customers to reconnect with your business and products. In addition, make use of engagement initiatives such as reward and point systems to promote customer interaction and establish greater customer loyalty. You could even show appreciation to repeat customers by sending special thank you emails or rewards for referrals.
Besides buying a product, customers are also investing in its durability and reliability. Focus on the long-term, not just on the next transaction. This is why at Canon, after-sales service is also an important part of our sales experience. Having dedicated after-sales service staff is a key aspect of maintaining high standards of customer service, which will forge stronger bonds and trust with your customers.
Putting some of these strategies in place will work towards retaining customers and protecting the investment you made in gaining their business in the first place. Taking the effort to build customer relationships may be time-consuming but goes a long way in building loyalty and improving sales and profits.
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