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Four Tip to Establishing Customer Loyalty
Sustaining a loyal client base is one of the biggest challenges
that small businesses face each day. You may have hundreds of competitors,
so how can you market your product to obtain consumer loyalty? Consumer
loyalty comes from attaching a certain perceived value to your product
in the mind of your consumer. In order to create this perceived
value you have to establish relationships and trust with your clients.
In an interview with John Assaraf, million-dollar marketer Romina
Chatterjee, shows how you can use little-know trade secrets to increase
our revenue by 100, 200 and 300 percent in 90 days or less. Here
are some useful tips to help small-business owners maintain and
generate loyal customers:
Tip #1: Know the real value of your product or service. Loyal consumers
will continue to come back to your business because they believe
that there is some value to it. A customer will hear about your
product or service, try it once, and if they are happy with it,
they will come back time and time again. There is a sense of reward
or value that they associate with your product. When you are trying
to attract your ideal client, you have to know the unique value
of your product or service that will create loyalty in your consumers,
and tell them what it is.
Tip #2: Know the lifetime value of your customer. Not every customer
is worth the same amount to your business. Someone who spends $50
a month is not worth the same as a customer who spends $500 a month.
Look at your database and see which of your clients are most profitable
to your business. These people are your ideal clients, the ones
you need to target for consumer loyalty.
Tip #3: Create a reward program for ideal clients. The 80/20 rule
applies here. This means that you need to identify the 20 percent
of your consumers who are generating 80 percent of your revenue.
These people should be given the most benefits, privileges and perks.
Typically it is best to reward these consumers with something that
is in sync with the product that they attracted to. For example,
if you have a customer who spent $5,000 on your designer jewelry,
you could give them a $100 off coupon for their next purchase. This
not only shows your appreciation for their return business, but
it is also an investment to get them to come back again.
When providing incentives or benefits to your most important consumers,
an element of surprise or wonder is always great, especially when
it is unexpected. It always creates the best response because it
makes them feel valued and appreciated. These small actions establish
that bond that in turn becomes consumer loyalty.
Tip #4: Communication is Key. When you establish a trusting relationship
with your loyal consumers, you have to have great communication.
Loyal consumers are loyal because they feel like an integral and
important part of your business and your success. Keeping them informed
of the good and the bad is essential!
Open and honest communication not only strengthens the loyalty
of your customer, but they will support you though tough times.
As a company if you are in sync with your consumers and there is
clear communication between the consumer and the company, it is
a straight and mutually beneficial relationship.
The bottom line is that loyal customers are the best and most powerful
source of free advertising and publicity. Loyal customers become
advocates; they will refer your business or service to friends or
family because they have established a relationship and a bond with
you. They will typically spend more money with you per product category.
They will typically try out the new products or services you provide.
Most importantly they will give you feedback, since they feel like
an important part of your business they care enough to tell you
how you are honestly doing. Loyal consumers are the key to your
business growth and success.
About the Author: John Assaraf is a New York Times
best-selling author and entrepreneur with a unique passion for quantum
physics and neuroscience, and teaches people how to apply findings
from these disciplines to achieve success in business and in life.
Assaraf is Founder and CEO of OneCoach, the world's leading franchisor
for small-business growth services. For more info about Assaraf,
go to www.readtheanswer.com/index.php?RTA=web2
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