If you’re a business owner, you probably already know how important your customers are. Their loyalty can make or break your business.
Loyal customers are your business’ treasure. They are the ones who are going to buy your products even if they aren’t on sale and recommend your offerings to friends, and you always want that audience to be large enough to keep you afloat.
What is customer loyalty and why is it very important to your small business? It is a measure of how likely your customers are to do repeat business with you. Though different industries have a number of ways of measuring loyalty, the most basic way is to look at the number of purchases over a customer’s lifetime in your database.
Your most valuable customers are your repeat customers. It is likely that over time, revenue from them will top revenue from big one-time buyers. Keep in mind that happy customers spend more money, more often. They also give you free advertising through word-of-mouth and online positive reviews.
In order to gain loyal customers, the first thing you can do is to know your customers and let them know you. Make sure that they remember your name (as a person) and a detail of your last conversation (if possible). This is what your business should strive. Nice personal relationship with your customers is a great advantage. However, building such relationship is easier said than done.
Another thing you can do is to encourage customer feedback. Have a look at online reviews or listen to what your customers say about your product or service. Make sure anyone in the company who is client-facing is paying attention to their needs and acting to work.
There are many other ways to build customer loyalty. For more on this topic, read this blog post: https://www.smartcompany.com.au/business-advice/strategy/unshakable-customer-loyalty/