Customer loyalty is a very important aspect of any successful business, and marketing can be a great tool to help you cultivate it. According to a study by The Academy, 62 percent of millennials believe online content drives their brand loyalty. Moreover, 77 percent of customers would pay a higher price to a brand they consider themselves more loyal to, reported Tech Target. Yet somehow, companies continue to neglect customer loyalty as a business priority. A whopping 68 percent of companies dedicate less than 20 percent of the overall marketing budget to loyalty measures. However, over 20 percent of sales is attributed to customer loyalty and the subsequent programs.
When businesses leverage marketing in the correct way, customer allegiance will follow.
There are a few key ways business owners can ensure their content breeds the kind of consumer value that is necessary to facilitate loyalty. Let’s take a look:
1. Reward for references:
This can be a win-win strategy for both you and your customers. According to Tech Target, 61 percent of customers tell their family and friends about their experience at any given business. Why not make these recommendations a showcase of your appreciation? This is a great way to let customers know you appreciate their referrals while also building up your customer database. Offer a promo code the next time one of your patrons invites their friend to ‘like’ your Facebook page or refers them to your monthly newsletter. Whatever the channel, use your marketing to make this happen!
2. Offer returning customers incentives:
If 20 percent of a business’ revenue derives from pre-existing customers, don’t those customers deserve a little love? When a customer finds their way back to your store, give them a little reward. Entrepreneur noted that this doesn’t have to be big but the small show of appreciation does wonders for customer loyalty. Use your channels to track these transactions. Once a new customer has made a purchase follow up with an offer for their next buy. A little incentive keeps people coming back for more.
3. Remember to say thanks:
A simple thank you can go a long way. Try following up purchases with a little personalized marketing. Address the customer by name and then thank them for choosing your business, suggested Business 2 Community contributor Amanda Clark. A little gratitude can make your client-base feel great and they will surely remember your business for that extra touch.
4. Surprise and delight:
Marketing and customer service aren’t so far apart. That’s why this common customer service trick can work just as well in a marketing strategy. Surprise some of your customers with a random giveaway. You could randomly choose a few social media followers or run a random generation on your email subscription list. Whatever method you choose the point is to show your customers that you value them with a surprise, explained Tech Target. Make sure that the campaign feels authentic and meaningful for your customers. The point of this technique is to let your customers know your appreciate their business in a fun new way!
5. Provide industry insights:
Consumers like businesses they can trust as a source for industry knowledge. Don’t worry, it’s not as daunting as it seems. It could be as simple as a newsletter detailing some industry trends or a quick blog post about what beer goes best with what pizza. According to Clark, social media fans expect businesses to provide educational resources. There is nothing that will keep people coming back for more quite like some cool information. Share your wisdom!