In today’s consumer base, people stand behind brands in terms of their philosophy, social responsibility, and the quality of their product. People don’t just want products or services, but rather they want to have a connection to who they are buying from. The more a customer resonates with your brand, the higher the likelihood of them purchasing from you again. However, just like trust, it’s hard to build up and can very easily be shot down. So it’s important to stay consistent and be authentic.
The foundation of brand loyalty is customer service. Customer Service goes beyond answering phones and responding on social media. The most important thing, is to listen. Too often, brands respond without listening to their customer base. When you give customers a two-way dialogue, there is more of a positive response. Even sending personalized emails stating not just their name, but also pain points or catering sales to past purchases, can make a big difference in establishing loyalty. Plus, it’s much easier to keep current customers than retain new ones.
According to the Pareto Principle, 80% of your future revenue will come from 20% of your current customer base. This, along with the fact that it’s much more cost effective to retain current customers than obtain new ones, stresses why brand loyalty is so important. It’s important to not forget about your current customers. They deserve to be nurtured just like qualified leads, but they aren’t treated one in the same. When nurturing a qualified lead the goal is to reach every touchpoint. In current customers, they should only be reminded of new products, sales, or educational content. The idea is that you want them to come back and continually purchase from your company.
A nurtured loyal customer can also offer free marketing. In the age of social media and online reviews, these loyalists will rant and rave about how wonderful your product or service is. This will usually include pictures, captions, and product details. If they have their own blog, they might just take the time to write about your company there. Then, you can continue to build on that loyalty by responding, retweeting, sharing, etc. Recognizing those that are happy with your offerings will build a much deeper loyalty.
All of these things and more play a big part in keeping current customers happy as well as attracting new leads. Brand loyalty takes some time to build up, but keeping offering that value to your customers. Whether it’s an experience or exceptional customer service, your customer base will see value beyond the price of your product.