Every business owner understands that having a loyal customer base is key to growing a business successfully. With competition rising in the global market, the costs of acquiring customers (the money spent to make a sale) are higher than ever. Additionally, the expenses for online and traditional marketing that drive people to a website or store do not ensure a sale. So, how can businesses ensure their growth?
Businesses that have succeeded understand that the key to growth is turning potential customers into loyal ones. In fact, “on average, it costs about five times more to attract a new customer than to keep an existing one,” as noted by one source. Companies that struggle to maintain long-term clients often find that the expense of continually pursuing new customers can threaten their sustainability. So, how can businesses attract loyal customers? Check out these tips!
Consistent Communication
How many times have you purchased an item you simply loved, but then couldn’t recall the website or store where you found it? This is a problem many business owners have not found a solution to, although the solution is fairly simple. As with any relationship, if you want to upkeep a relationship with your clientele, you need to work at it. The way to do that is to keep in constant communication with current and potential clients.
A simple strategy to implement that relationship is to create a database of your online and physical visitors. In order to collect your customers’ information, you should ask them to sign up for a newsletter or enter their email to receive exclusive coupons and discounts, as well as helpful articles and announcements about new products or services. Doing so will not only keep your brand fresh in your customers’ minds, but will also encourage them to shop with you.
Customer Service
Other than quality offerings and affordable pricing, one the most important characteristics that separates successful businesses from unsuccessful ones is customer service. Although some business owners try to cut costs in that area by automating the process or transferring services overseas, the truth is that companies can’t afford not to invest in excellent customer service.
World-known brands, such as Amazon and Zappos, developed their entire business plan on the importance of the customer, treating them with respect and integrity. When your organization has a solid customer service plan, you offer a value to you clients that will set your business apart from the competition, leading to repeat sales.
Become an Authority
While every business owner wants to be great at sales, the most successful entrepreneurs know that one sale doesn’t lead to lifelong loyalty. They have caught on to the fact that while customers can purchase products from anyone, they are much less likely to be swayed by competition if they trust the source they are buying from.
How do you get your customers to trust you? Honesty and transparency are two ways, but authority is another. If you become an authority in your niche market, you will put yourself in the position to give shopping advice and curate what your customers should buy, instead of leaving the decision up to them.
By truly becoming an expert in your field, whether it’s health, marketing, accounting, etc., you can write helpful articles, answer questions and make online videos that educate your clients about your space. When you are seen as a leading figure, your potential customers will turn into loyal customers.