Customer loyalty is important to the growth and profitability of your business. The more customers you are able to retain, the more they are likely to return and re-buy your products and services.
On the other hand, if they’re unhappy with your service, they will be reluctant to come back. But more over, they’ll also tell other people what poor customer service received from you. You will lose your Customer Loyalty.
WHAT IS CUSTOMER LOYALTY?
It is a measure of how likely your customers are to do repeat business with you.
Different industries have various ways of measuring loyalty. But the most basic way is to look at the number of purchases over a customer’s lifetime in your database. Repeat buyers are your most valuable customers. Though they may not be your biggest purchasers. I is likely that over time, the revenue from them will top revenue from your big one-time buyers.
Your company should look at buyers as real humans. That is, people with needs and wants and struggles. Take care of your customers and you’ll have a loyal following of people . That is, ones who will buy from you over and over again.
WHAT IS CUSTOMER RETENTION
Customer loyalty and customer retention work together. Loyalty is a mindset that predisposes a customer to engage with and purchase from your company. Retention is a metric used to track customer engagement and the resulting sales.
It’s all about keeping the customers you worked so hard to acquire, providing great experiences, and continuing to offer value. Customer retention strategies are developed to provide, and extract, more value from your existing customer base.
You will have heard this key business principle repeated on many of your company’s call centre training. That is, the chances of you retaining your customers are high if you show them you care. In turn Customer Loyalty is also notched up.
Yet unfortunately too many companies forget the basics. So here 6 Tips to Increase Customer Engagement and Customer Loyalty.
