How much time is your business spending on generating customer loyalty? If the answer is none, or very little, you’re seriously missing out on a lot of potential profit.
Customer loyalty is essential for businesses today. Why? Because loyal customers are what help you to stand out from your competitors. They are literally the key to your success.
Gaining new customers costs more than retaining them
Did you know that it actually costs a lot more to attain new customers than it does to keep existing ones? All businesses want to save as much money as possible - and focusing on customer loyalty can help you reach that goal.
If you’re mainly focused on drawing in new customers and forgetting about the ones you already have, you’re currently wasting a lot of funds that could be used to help push your business forward.
There’s also the fact that existing customers deliver consistent healthy profits. If they’re happy, they will continue to come back and buy more from you. This will earn you a lot more money in the long-term than the money earnt from one-off new customers.
Loyal customers attract new customers
Customer retention can boost profits faster than any means of customer acquisition. In many industries, solid customer retention actually leads to new business anyway.
Word of mouth is one of the most powerful forms of marketing. If your customers are happy, they’re going to spread the word and recommend you to friends, family and colleagues. So, rather than having to spend a fortune trying to gain new customers, your existing customers will do it for you, absolutely free!
How can you achieve customer loyalty?
So you have an idea of how important customer loyalty is to your business, but the question is how can you make sure your customers are loyal in the first place?
It all boils down to customer service. Statistics show that most unhappy customers will not do business with a company again after a bad experience. Even worse, unhappy customers are very vocal these days and won’t hesitate to complain and vent their views online.
So, the key ingredient to keeping existing customers happy is to strengthen your customer service. Ensure the products and services you provide are top quality and that any complaints you receive are handled professionally and quickly.
Customer retention can no longer be ignored in today’s competitive market. It’s the one thing that can make a significant difference to how successful you become in terms of profitability.
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