With more choice available to consumers than ever before, brand loyalty is becoming more and more relevant to businesses.
Over 50% of the millennial generation have stated that they are either “very loyal” or “quite loyal” to their favourite brands. Being able to create a brand that people want to stay loyal to is difficult, but there are some key areas in which you can focus your efforts to ensure your company stands out from your competitors…
The experience that your customers have when they interact with your company is what will determine their loyalty. Other factors such as price points may be less important than customer service and overall experience when it comes to retaining your customers’ business. Creating a good experience for your customers or clients is entirely within your control, and ensuring all facets of your company and service are consistently customer-centric will go a long way to building loyalty.
Offer Appropriate Rewards For Loyalty
Offering rewards is not necessarily an innovative business practice, but you must make sure that the rewards are not only suited to your customer, but promote a long-term relationship with clients. One off promotions or offers are unlikely to do this, and you must think about ways to reward loyalty and make your customers feel valued.
Share Your Values and Ethos
The millennial generation are increasingly concerned with corporate and social responsibility and are not only looking for good service, high quality products and value for money. They are also looking to see what values a business holds and what motivates the company. If your company’s values correlate with your customers’, then you are much more likely to be shown loyalty. This must come from an authentic place however, cynical displays of charity and morality will be seen through by your customers. When we talk about sharing values, we are talking about communicating what you already stand for, not creating something that you feel your customers will respond to.
Testing, measuring and improving are three practices that should be employed throughout all of your business operations, and building loyalty to your brand is no different. You may be running specific loyalty-building marketing campaigns, or rewards programs, in which case tracking and measuring your results is a necessity. Gauging your customers’ opinions towards you should take place periodically to ensure you are consistently listening to what your customers like about you and what they would rather see done differently. Read more on how you can become a customer-centric company here.
If you would like help in reaching your customers, either to find out what they think about your company, or to let them know about what you can do for them, please get in touch, we’d love to work with you!