While most businesses today are happy with satisfied customers, industries across the globe are calling for the need of “Loyal Customers”. Some statistics even say about 65% of your customers are generally satisfied with your product or service. Good? well, not quite. There might be a slight problem with that. You see, Satisfied customers are always in between you and your competition, they are lost as soon as a better deal comes along.
Loyal customers, on the other hand, are more like friends. They contribute a great deal to the growth of your business and I don’t mean by just purchasing your products. They can do more, like give you honest feedback about your product or service, refer you to a friend, buy from you regardless of better deals from your competition and so on. The key here is to spend time converting your satisfied customers to loyal customers.
Build Honest Relationships
Customer Loyalty is not achieved by loyalty cards but by spending time understanding your customers, what they want, what they are looking for, staying in touch and not necessarily selling at every touch point and so on. Technology out there has enabled businesses to do this, use it effectively.
Face A Customer Complaint Head-on
As strange as this may sound a customer complaint may be an opportunity to building a great relationship. Encourage customers to give you feedback especially when they think your service is bad. Only 1 out of every 27 customers bothers to complain. This means you have 26 lost opportunities to creating that loyal customer. Create and implement a clear customer complaint procedure and equip your team to deal with each complaint effectively. Follow up on every resolved complaint to ensure excellent customer experience is achieved. Shying away or ignoring a complaint is the biggest mistake your business can make.
Show, You Are Interested
Show customers you are interested in their views. Most organisations collect customer feedback and suggestions but don’t really do much about it. Your customers are telling you what they want, pay attention. This could be your turning point. If your customers don’t find what they’re looking for, they are most likely looking for it elsewhere. OTB Splash, our awesome customer feedback management platform can help you track and handle each feedback individually.
Look After Your Loyal Customer
It’s a known fact that 80% of your sales come from 20% of your customers, these are people who keep your business alive and orders coming in. understanding these customers is not just primary but worth investing in. While working on ways to target the other 80% of your customers, your first 20% deserves more love. With some of the most innovative technologies out there like our OTB Social platform, it’s so easy for giant food chains and other businesses to know their customers by Name, communicate directly with them, know how many times they visit your venues and even reward them for it.
It’s time to raise the bar, don’t aim for customer satisfaction, aim for customer loyalty. Take the time to identify the right customer loyalty program for your business. While most companies offer a one size fits all solution, it’s imperative that you identify the one that not just benefits your business but adds value to your brand by benefiting your customers. Implement, Evaluate, continue to improvise and most importantly be genuine, this will ensure your customers get the TLC they deserve.
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Sachin Leumas,Sr. Business Consultant – Global Services
Sr. Business Consultant – Global Services