How to build customer loyalty and increase revenue

Loyal customers drive sales of the company’s brands and services. Research claims 77% of consumers return to the same brands repeatedly and 37% are “brand loyalists”. They stick to the brand even if they are offered a better product.

For instance, Nike a favorite among Millenials and Gen Z, which was established 50 years ago, has an excellent track record. The key to success here is constant innovation and personalization of the product. Therefore, a loyalist is of utmost importance to a business.

The Pareto Principle states that 80% of the company’s revenue comes from 20% of the current customer base. And the creation of that base if very critical for a business.

Let’s understand some of the ways you can build loyalty:-

-Provide awesome customer service: This is the foundation of a business and if missing can completely make the business drown. 76% of consumers believe that the company’s customer service is a reflection of how much they value their customers.

If you're quick in responding, you will win the loyalty of your clients. If you don’t respond, the message you're sending out loud and clear is “We don’t care about you very much.” Every interaction with you is evaluated by a customer and judgment is being made about being associated with you. Hence you must continuously provide real-time updates and keep the conversation going with your clients i.e. if a client is waiting in line and calls you on a defected product purchase, they are evaluating you. Therefore you must ensure your staff is friendly, efficient, helpful, and accessible and solve issues instantly. Research indicates customers want service mostly through social media and expect a response within an hour, while 32% expect a response within 30 minutes.

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-Engage with your customers: Create a sense of belonging and community creating opportunities for conversations. Share news and trivia on recent developments, industry updates, and trends. You can also offer discounts and freebies. Therefore the adage “Customer is king” holds good if you want to win and retain a loyal customer base. 

-Have state-of-the-art operations systems: No matter the industry, all of your operations and systems have to run smoothly without any interruptions. Can you imagine e-commerce where the loading time is about 45 seconds? Can you imagine having systems that test friendliness of your interface, what messages and when our clients get, the response time of your servers? Therefore enabling you to identify problems or spots to improve before your clients see them.0 minutes.

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-Loyalty programs: Rewarding a customer for his loyalty is one of the most effective ways to retain them and therefore increasing your revenues. The loyalty program can offer discounts, 

Gifts and offers. Research states that 76% of women and 72% of men are susceptible to shop at a business that offers a loyalty program. This is a deadly formula for revenue generation as customers feel appreciated and choose to stay loyal to you.

-Ask for advice and take it: The most lethal and useful weapon for your business to flourish and generate revenues is to take feedback, complaints and act on it. If customers are unhappy with the layout of your store or the inefficiency of your customer service reps, you must immediately

fix it. Customers feel you value them and their inputs, and this makes them stick to you on a long term basis. 

- Word-of-mouth publicity: Research by Nielsen states that 77% are likely to purchase when it’s referred to them by friends and family. Loyal customers are the most economic source of publicity and traction, and also the kind of publicity no amount of money can give you. 

As your brand name sifts through masses, more customers will engage with you. And if what they experience is consistent with your brand promise, then these leads will convert into loyal customers later on. But how does this impacted revenue? According to Bain & Co., returning customers spend 67% more than first-time customers.

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-Don’t just ask for money right up front: Yes we need to earn a living and can’t survive without getting our revenues in. But having said that, if you will connect with customers only because you want them to purchase from you, then that approach won’t last for too long. You must host a customer appreciation party, send those links to helpful articles on your blog, or highlight a charity or social cause that your business supports. The point here is to connect with customers regularly but without a motive of asking for money.

- Retention leads to revenue: With most organizations face rising expenses, therefore one must trim down customer acquisition costs. Reports by Forrester Research state that customer acquisition costs 5 times more than to retain current ones. Plus on boarding new customers and developing a strong trustworthy relationship is a time-consuming process. 

Existing customers are easy to gratify as their expectations are reasonable therefore you must make all the efforts to ensure they don’t slip out of your radar. Customers that keep coming back to you by resisting competitors, stay by your side even if you have slipped up a bit, o y

Therefore, building customer relationships on an ongoing basis is the training you need to match up to your customers’ journey which eventually leads them to success. You  must build your sales process around this mindset, and you’re guaranteed to increase customer retention and revenue.