Recent developments worldwide have landed many a business in a tough spot – far from an ideal situation. The good news is that marketing experts recommend that businesses foster customer loyalty to overcome this difficult situation. Customer loyalty is based on repeat purchases and return customers, but there are more nuances to it.
For example, if a customer would go out of their way to make a purchase from a certain business, such as paying more for a product, or driving farther out and passing multiple competitors on the way to purchase the product, it means that the customer is loyal to that company.
Business owners and marketers know that it’s more cost-effective to retain existing customers rather than looking for and acquiring new ones. For companies to retain their existing customers, they need to build trust and loyalty with them. According to recent studies, about 70% of consumers are more concerned with whether they trust the brand or corporation, rather than the price of their purchase.
One way to build an emotional connection with the customers is to show them that the company cares about their needs, especially now, during a time of crisis. This includes promoting relevant services that will make customers’ lives easier and more convenient.
Another way would be to create a sense of community and to make sure that the service or product is going to make customers happy. Making people think that they can’t go a day without a company’s service or product, in other words, creating an emotional attachment, is a great way for people to stick with a company.
Customer service no longer means simply communicating with unhappy customers or those that have some sort of issue with the product or service that the business provides. These days, customer service has come to mean addressing customers’ immediate needs and helping them improve their lives in any way that the business can.
By looking at the customers’ lives and looking ahead at what might happen in them, and addressing any potential issues that may arise, businesses can create an over the top customer service that will create return buyers and referrals.
Another thing that the public is looking for when making a purchase is companies that share their stance on social issues and the way that they take action. According to a survey, about 80% of consumers are looking for brands to solve their own and society’s problems and take care of their own employees, no matter what that means for the business.
Companies that share their views, ideas and actions are seeing more growth and success, compared to companies that completely avoid mentioning certain issues or do their best to circumvent them altogether.
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