How to Improve Customer Loyalty, the lifeblood of any successful business

Repeat business is the lifeblood of any successful enterprise. However, the most lucrative markets are also the most competitive, with many businesses working hard to attract customers. Building a sense of loyalty in a customer base is extremely beneficial to the long-term success of a business, but it takes time to build trust and understanding between parties. These five tips will help your enterprise keep more of the customers it attracts. 

1. Product

The most essential element of improving customer loyalty is having a valuable product. You can try all the marketing tricks in the world, but the customer will soon jump ship if they can find a better product elsewhere. Invest time and effort into improving the service you provide. 

Tailor your product to the demographic in which you want to inspire the most loyalty, and they will be less tempted to take their money elsewhere. Without a decent product or service, any effort you put into improving customer loyalty will be completely and utterly wasted. The customer’s experience must be flawless through every step of their interaction with your brand.

2. Information

Once your customers are satisfied with your product, focus on gathering as much information as possible. Ascertain what the customer base likes about your business, what they don’t like, and where you could improve. Your customers are your most important asset so you should make every effort to learn about their needs and desires.

A common and trustworthy method of utilising data is to recommend other products to customers based on what they’ve previously viewed or purchased. This is easily automated on a website but can also be achieved in person through staff/customer interaction.

3. Communication

Communication is a vital component of building relationships with customers. Start a dialogue through various techniques to create and maintain a healthy bond with your most valuable customers. Regular news updates or blog posts on your website are simple ways of staying in contact, but you should also be contactable if a customer has a query or comment.

Create several routes for a customer to contact your business. Make your social media accounts, email address, phone number and postal address as clear as possible so customers can get in touch in the way that suits them best. When you receive comments or complaints, make sure you listen. Respond in a timely and appropriate manner and ensure the customer feels like their comments have been heard and their opinions appreciated.

4. Evolution

All successful businesses need to be constantly evolving. Customers change over time and so must you if you want to stay relevant. Conduct market research to try to stay ahead of the curve. Be aware of changes in your industry or innovations that you could utilise. If you can grow and evolve with your customer base, they will naturally be more inclined to demonstrate loyalty towards your brand.

If you fail to keep up with the evolution of your customer base, you risk drifting apart and alienating your brand within the marketplace. Stay current and up to date by actively participating in the wider community and by embracing the inevitable changes that affect your target market.

5. Gratitude

Lastly, the customer needs to be aware of your gratitude. Their patronage is a gift, and you should reward it through your actions as well as through words. Identify your most loyal customers and let them know you appreciate their decision to engage with your brand by offering discounts on products or services. A small gesture of gratitude can go a long way to inspiring continued customer loyalty as people are more likely to return to somewhere their custom is valued and respected.

Customer loyalty is a massive boost for any business. Large or small, any organisation would struggle without repeat business from their customers. Inspiring loyalty within a customer base can be tricky, but the basics are actually very simple. Simply put, if you adhere to these five steps, your business will be a more attractive proposition for repeat customers.

Eureka Taxation has rebranded
to Ashmans Accounting.

We’re still offering the same expert advice & service. Why the name change?┬áThe name change reflects that we are more than just tax return preparers. We would like people to know we are full service business advisors, accountants and offer bookkeeping.