As cliche as it may sound, a company’s most valuable asset is people. Now, we’re not only talking about employees, whose knowledge helps distinguish why consumers should purchase goods/services, but also the customers themselves. Satisfied customers are repeat customers; this is why brand loyalty has always been a staple in successful businesses.
However, as we have seen over the years, the business landscape is continuously changing as new products, trends, and competitors enter the space. We live in a distracted world; everyone wants the new fad, a reality that has made it more difficult for companies to retain loyal customers. With that said, there are still different ways businesses can attract and retain customers, and we’re going to explore three methods with real-life examples.
How Do You Gain Loyal Customers?
Offer Deals and Promotions
There is a divide in business, where some companies focus their efforts on attracting new audiences while others believe in targeting existing customers. That is because acquiring new customers can cost between five to 25 times more than a business spends to keep existing consumers. For those organisations that believe in the latter, one of the best ways to gain repeat customers is by offering promotions like loyalty programs.
Loyalty programs in industries like retail help retain existing customers as individuals constantly receive points or bonuses based on the amount they spend. In part, point systems are successful because they play into the idea of instant gratification. Additionally, in some instances, shoppers can receive vouchers by saving points. That is true with the Tesco Clubcard, available in the United Kingdom and Poland. Consumers can spend these vouchers on Clubcard Rewards, which they can use to obtain hotel breaks, discounted day trips, and restaurant tokens. Loyalty schemes are also an economical method of retaining customers as they allow for growth by increasing profits and improving sales success.
Follow Industry Trends
Every customer is different. There are price-loyal customers (they use services because they offer the best deals), but there are also product-loyal customers. These individuals favour products they can relate to, which is why companies need to build stories around their products through visual merchandising.
Similarly, product-loyal customers favour relevance and follow trends, always looking for the latest product. That is why companies need to watch industry changes and offer products in response to them. Gaming industries like the online casino sector are especially good at offering tailored games to match the latest trends and innovations. For example, when live-streaming became popular, online casinos began offering live games, which allow players to interact with real-life croupiers via webcam. Likewise, online casinos release new slots almost daily to make sure players have access to the latest games. While players know what they’re getting with popular slots, new slots improve the gameplay experience by making it fresh and exciting.
Offer Aftercare
Lastly, gaining loyal customers is not a short-term project. It’s not enough to offer rewards and relevant products if a company forgets about the consumer when they walk out of the store or exit their website. Repeat customers have a trusting relationship with a business, and for that trust to develop, companies need to be available in the long term.
Again, the retail industry is good at this as many organisations offer promotions like warranties and guarantees, which help encourage consumers to purchase products. For instance, John Lewis is a UK-based department store company. The brand has seen decades-long success by offering customers guarantees, such as a minimum two-year guarantee on electronics at no extra cost.
Building customer loyalty is one of the most important things a company can do today. Yet, with all of the increasing competition, it has also become one of the most difficult things to achieve. Fortunately, there are multiple proven methods for gaining return customers, from offering rewards and aftercare to following industry trends.
