Given the increasing competition in the business world, it is essential for businesses to realize the fact that your competitors are just a click away and can anytime take a lead. The only thing that can keep a business flourishing successfully is customer loyalty and customer retention.
Internet has provided today’s consumers with powerful ways of accessing endless amount of information about businesses. Thus, instead of dating around with a long list of brands and businesses, customers prefer to stick around with just a few companies that go above and beyond to ensure fantastic customer experience. It is for this reason that today customer service and satisfaction has become the lifeblood of any business online or offline.
Studies indicate that the cost of acquiring a new customer is almost 6 to 7 times more than the cost and effort spent behind retaining a loyal customer. Thus, a happy tribe of loyal customers are sure to keep you ahead of your pack of competitors.
Few Key Marketing Benefits that customer loyalty can bring in for your business include:
Reduced Marketing Costs – Regardless of the amount of money and efforts you spend behind marketing your business, it can nowhere match the exponential marketing success that your army of loyal customers can bring along. With their cost-effective and powerful word-of-mouth marketing tool, these strong promoters can help you save a good amount of marketing and advertising costs.
Voice of Business – It is essential to understand that the buying journey or association of a customer with a brand or business begins much before he/she directly starts engaging with the brand. The only way to ensure that prospective customers convert into sales is to have them interact and engage with existing customers who can act as strong voices for the business and endorse the brand for absolutely no cost at all.
Repeat Business – The best thing about cultivating customer loyalty is that, it becomes much easier to up-sell and cross-sell to existing customers than to new ones. With the lines of communication and feedbacks already open with loyal customers, it becomes easier for businesses to target promptly raised issues and improve overall customer experience. In fact, for most businesses to survive in the long run, earning repeat business can be a critical factor.
Of all the things, the most important marketing and economic benefit that customer loyalty and retention can reap for the business is that, the business becomes virtually immune to market changes and competitors. Remember that loyal customers are an asset for any business since they tend to stand by the brand in spite of the market speculations and competition.
In short, a loyal team of customers can strengthen a brand or business like nothing else and help them easily accelerate to greater heights.