My Customers are Mine-said No Company Ever!
14 Mar 2015
With the number of business evolving today, even well-established companies face strong competition and saturated markets. The stronger ones manage to fight through this and retain their position, needless to talk about what happens to the rest.
However, today a prime concern for most entrepreneurs and business managers is not only to attract customers, but to retain them in the long run and keep them coming back for more. This might sound easier said than done but some great tips from experts may help It is said that increasing customer retention by 5% increases profits by 25 to 95%. This statement is quite self-explanatory.
Developing brand loyalty, may not be easy but a few smart moves could get you going. First off, communicate, communicate, and communicate some more. Individuals only feel connected when there’s two way communication. Therefore, make sure you are heard, and that you show your customers that you care about what they say too! Stand for a social cause. Yes, this may sound absurd, but today, many people link themselves to a social cause and anyone or anything associated with it automatically holds importance for them. Therefore, choose various social causes that your customers are associated with, and show that you care about it equally. It is also important to display that you are an environmentally and socially responsible company.
Moreover, ensure transparency. Customers today are not like those two decades ago who were oblivious to the processes and channels their products pass through. Today’s target audience is well0informed about more than you know, and thus transparency in the company is vital. Go an extra mile to show them that you are honest and responsible towards them. A recent example is that of McDonalds that launched the “kitchen tour” project where they allow customers to register for a kitchen tour and inspect their cooking processes and ingredients used. This builds a stronger relationship between the company and client and also helps develop trust between the two.
Lastly, say what they love to hear. Customers are honestly not interested in hearing what the company has to say unless its saying what they want to hear. Make sure you use the right key words that interest them. This will automatically pull them towards your company and help them form an association and loyalty towards your brand.
All this said, developing brand loyalty might not always go according to the rules of the book and as with any business, everything depends on the situation and peculiar case. However, these rough guidelines will assist you in keeping your customers engaged, and let them be yours!