What is Customer Loyalty and why is that important for your business?

February 21, 2019

What is Customer Loyalty and why is that important for your business?

Loyalty is a powerful thing. When you continue to purchase from your favorite brand, or buy the same product again and again, it's likely that you're an engaged customer who values their loyalty to this particular company more than money could ever measure.

"What does it mean when someone says they are loyal?" Whether we know what makes us so devoted or not, customers have been returning for years with no hesitation about where they'll be shopping next time around- which means there must be something special here!

In the age of social media, brands are no longer competing with other companies for customers' loyalty. The internet has made it easier than ever to switch from one company's product or service to another’s in a matter of minutes without leaving your home. With this method, customer experience becomes more important and valuable because if you don't have happy customers then there won't be any buyers left!

The customer is king. When you need something, who will give it to you? Loyal customers offer their first chance at earning your business when they have what you want and know that giving up the opportunity might mean losing a friend or client for good.

What are the fundamental elements of customer loyalty?

Being a successful business has to do with getting customers back and keeping them. It's not as easy you might think, but there are some things that can help:

What are the customers’ expectations?

It’s important to know what value your customers actually get out of your product or service. This includes how you market, the prices, and whether they can be satisfied by it. What is their expectation from this? Will it solve a problem for them?

To spur loyalty-earning moments with shoppers: exceed expectations!

How important is the service?

A customer's experience with a brand is an amalgamation of their interactions with the company. Whether it be through safe and genuine transactions or responsive support, they deserve to have that level of care throughout their journey while being loyal customers. With companies who put this focus on hearts and soul in mind, success will follow as well!

A perfect product is no longer enough to be competitive in today's market. Customers are more critical than ever of providing a great experience and if you don't deliver on that, they will find someone who does!

How can you be a problem-solver and make your customers feel valued?

In each customer interaction, strive to provide excellent service in order to earn their loyalty. Remember that the goal of an angry customer is always relief from whatever has upset them--whether it's wrong food delivered or train delays causing difficulties when traveling for business. Seek feedback as well so that we know how best serve our diverse needs!

How do I engage with my customers on a daily basis?

You may be a world-class professional, but sometimes people need you to remind them of what they have on their hands. To do this well is your responsibility as the person in charge of customer engagement and relationships with customers. Engagement can take many forms including regular communications (social media or email newsletters), incentivizing for loyalty programs, etcetera

What good are all of those social media followers and newsletter subscribers if they don't know that you want to be their BFF? Show them how much your family means to you by telling the world about it.

Do the values really matter?

According to recent studies, emotional engagement is overtaking rational engagement. That means customers are beginning to judge brands based on how those brands match their own values and beliefs - which can be closely related, as people prefer doing business with a company that matches their personal values.

Karl’s Jr and Trader Joe's are both doing well in the competitive fast-food industry by creating food that matches customer desires. Karl's sells its meats, cheeses, breads with a "supermodel" vibe to attract customers looking for indulgent products while Trader Joe's is all about affordable organic foods such as fresh produce or frozen dinners under $5.

Nike appeals to weekend warriors who wish to compete at the highest levels. They create high-end athletic gear that doesn’t skimp on quality, while also appealing aesthetically with their well-known swoosh logo and cool color schemes like “Just do it purple or dark grey“ for men. Dunkin Donuts has coffee without pretense; if you want fancy lattes and soy milk options go somewhere else because this is just about getting caffeine in your system as fast as possible so you can get back out there — they offer a low key vibe but an authentic experience when it comes down to basics of what people need from them: donuts, eggs benny sandwiches, breakfast burritos (perfect after a long night).

When a brand meets ist customers' values, every interaction becomes a loyalty-earning moment.

So, why is customer loyalty so important?

Stated simply, loyal customers spend more and often. Earn loyalty with just 5% of your customer base, and you could see an increase in profit by up to 100%. BI/Kelsey research shows that repeat customers will spend 67% more than a new one-time client. There are many other stats backing this up as well. But the point is clear - building strong relationships pays off!

What’s the point of chasing new customers when you can just retain your current ones?

A recent study showed that over three-quarters of people don't feel loyal to any brand. Companies who put in an effort to earn customer loyalty have a competitive advantage, and most companies fixate on their business they haven't yet got rather than what they've already built up.

Every company wants to have loyal customers, and the best way to do that is by making sure they are not just satisfied but enthusiastic about their service. This means going beyond simple dollars though as there are other traits of a customer who will remain faithful for years - like being patient when mistakes happen or excited at every new product introduction!

The tone should also be professional which includes avoiding "likes" or slang in emails because it's more formal than nonprofessional language such while texting with friends on social media platforms.

So how can I gain customer loyalty?

I've tried many different strategies for marketing in the past, but nothing has gotten me what I really want: customers who love my brand. It's not because of a lack of knowledge; it's just that it takes time to develop relationships with potential and existing customers so they come back over and over again which is why customer loyalty should be approached differently than new customer acquisition.

While acquiring new clients can seem like an easier option, earning their loyalty will take more work on your end since you have to focus on building up good rapport from them instead of being able to buy or hack people into liking you where there are some short-term gains involved (i.e., people coming back).

It is important to keep in mind that even if you have focused on retaining customer loyalty, it can be lost as swiftly as it was won. All customers need is one bad experience or a change in the composition of your product and they might walk away just for the sake of trying something new!

It’s best to approach earning customer loyalty on a day-to-day basis. Always add value, whether through promotions or with other tactics like communications and events.

Check the digifish.io offering for customer loyalty here:

·      BonVito 2go

This is a brand new way to connect with your customers and ensure loyalty. The bonVito 2Go unites the worlds of Mahlwerck porcelain, which has been in production for over 190 years, and customer retention by applying an individual bar code on each mug purchased from bonVito that can be scanned when purchasing coffee at any location across Canada or online through their website. This ingenious idea ensures lifelong commitment as well as more sales because there are no limits or restrictions to what you order!

bonVito 2 Go bridges the divide between Mahlerchack Porcelain's rich history spanning nearly two centuries and its dedication towards long-lasting relationships thanks to this innovative solution that manages both aspects seamlessly - all while remaining environmentally

·      Online Reporting

Via the online reporting function you can access all the current Vectron POS system- and campaign data in real time. The new Mobile Reporting App provides the perfect overview – even when you are on the way.

·      Web Management

The new Mobile Reporting App provides you with a quick overview of all the current POS system- and campaign data while on your way. This makes it easy to see any changes that need to be made in real time, no matter where you are!

·      Collecting Points

The "Collecting points" module rewards your customers with sales-based bonus points that can be used as a means of payment.

·      Coupons

Coupons with attractive advantages offer a competitive edge that can help your customers stay loyal to your business. BonVito is the perfect platform for issuing coupons without any hassle at all!

·      White Label

The white label module makes your bonVito consumer portal shine with an incomparable design. Create additional advertising space and showcase your uniqueness so that potential customers can easily find you on the web.

·      Customer Card

The buzz from your customers is contagious! Your business benefits when they share their experience with others. The bonVito customer card allows you to do just that and more: it stores data about each transaction, so as the owner of a bonVito card, you can specifically address groups or individuals based on what's collected in this database. You don't have to worry about losing them either; these cards are always at hand thanks to its integration into smartphones via an app for IOS & Android devices...or even better - through NFC chips implanted inside credit cards by MasterCard holders worldwide who wish there was one place where all transactions were stored safely without having multiple accounts open elsewhere online

·      E-Payment

With this module, your customer cards are equipped with a practical payment function that can be used to order and pay for goods online.

·      CRM

With the bonVito CRM module, coupons can be sent via email or text message to selected customers or customer groups. The ideal tool for specific marketing promotions with a level of personalized service that is difficult to achieve without it!

·      Direct Discounts

The Direct Discount module enables you to grant your customers an instant discount during their current visit. Now, they're sure to come back for more!

·      Digital Stamps

Stamps are a popular customer retention strategy. The granting of discounts functions according to the motto:

"Buy one item 10 times, get the 11th one free."

Digital stamps from bonVito can considerably increase customer loyalty for your business because they're not just saved in customers' wallets or on their phones but with each purchase made by shoppers at your store, it's automatically added and stored as a stamp until that person has earned enough to receive an additional discount off any future purchases!

To sum it up:

Customers may not stay forever, but the longer you can keep a customer the more profitable they become. The more loyal you get them to be, the higher chance of getting their lifetime value and making countless sales in return for your business. You don't have to stop all new client acquisition; just work on being that much better than any other company out there with good service and quality products or services!

You don't have to be an expert in customer service, or even good at it! Just make the commitment and you'll see your business grow.

To find out more, please contact us and we will chat about how you can approach the customer loyalty world for your business.

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