Tips to build brand loyalty – are your customers fickle
According to Zinrelo, a loyalty rewards platform, 80% of future profit will come from just a fifth of your loyal customers. But did you also know that only 8% of global consumers remain brand loyal?
Nowadays, with an increasing pool of competition for brands, and a staggering amount of brand parity, it makes it incredibly easy for customers to switch allegiances – at little cost to them, but at great cost to the brands themselves.
Here’s a quick rundown of how to build customer loyalty and combat the dreaded brand switching:
Gain customer insight
How can you be expected to know how to retain your customers if you don’t understand why they engage with you in the first place? Conducting quick and simple feedback forms or online surveys are a great way to gain customer insight that you can act on.
Try and stick to 2-3 questions maximum, to encourage responses. People will feel more inclined to respond if the questionnaires are short and to the point. You can even ask one question at a time and build a picture over a series of quick fire questions, if you cater to a very time-poor audience.
Surprise and delight
At various points along the customer journey, you have opportunities to surprise and delight your audience. From acquisition right through to retention and exit communications, your brand can capitalise on these moments to build genuine connections and add real value to your customers.
Don’t dismiss the importance of a well-timed communication piece – you just need to examine your customer journey and match the gaps to the needs.
Heed conscious consumers
73% of global consumers said they would change their consumption habits to reduce their impact on the environment. And that decision impacts the brands they purchase from. No matter which market you operate in, we are deep into the age of the conscious consumer. So, it doesn’t matter how good your product or service is, if it isn’t sustainable, you are at risk of losing your customers to more environmentally conscious brands.
As governments across the world set ambitious environmental targets, businesses are having to re-evaluate their processes and supply chains. How well you communicate this to your customers will influence whether they remain faithful or jump ship to a ‘better’ choice. Set out your sustainability targets clearly, and relate them to how it impacts your customers directly.
Excellent customer service wins the day
93% of customers are likely to make repeat purchases with companies that offer excellent customer service. That’s a pretty high statistic. Always be monitoring how you can tighten up your customer service and reflect your brand as effectively as possible throughout the process. Businesses that go that extra inch reap the rewards, and can build long-lasting customer loyalty through the smallest of gestures.
Loyalty programs
This one seems obvious, but customer loyalty programs are not dead. According to YouGov, nearly 80% of the British population are members of a loyalty program. And with consumers preferring that brands tailor their customer experience, loyalty programs offer the perfect platform to build in that personalisation. It’s marketing efforts like these that will secure your customers’ brand loyalty – by offering them a unique and tailored experience directly with your brand.
Want to read more? You might find these articles interesting: