All You Need to Know about Customer Loyalty
Customer satisfaction, customer loyalty, customer relationship - expressions that became very popular and valuable in every sphere. Are they really so important? Only great professionals can create long lasting customer loyalty. It seems to be so easy to use the right behavior, but in reality it’s not so. Creating mutual relationship with the customer is the most difficult thing, as it’s not a one-click-action, but an ongoing process.
To become a loyal customer, you should have the “desired” product. And when you become loyal, you adore not only the product you have, but the whole brand with the whole variety of its products.
“Marketing Metrics found out that the probability of selling something to new prospects is only about 5–20%, whilst the probability of selling something to an existing customer is 60–70%” reports Nextupasia.
The problem of most companies is that as a result of a poor customer service they cannot keep existing customers. Studies across a number of industries show that it costs about 5 time as much to attract a new customer than to keep the existing one. The value of each lost customer is $243.
Loyal = satisfied customers come back over and over again and they are likely to refer the product to others. The most trustworthy recommendations are made by friends or relatives.
“90% of online consumers worldwide trust recommendations from people they know” says Nielsen Global Online Consumer Survey.
Loyal Customers are said to represent about 20% of our customer base, but make up more than 50% of our sales. The more you do for them, the more they are likely to recommend you to their acquaintances. They provide honest and valuable feedback, which can help any product to make future improvements.
Most Apple buyers are extremely loyal to Apple and always speak negative about competing products. They love everything Apple does, starting from design to all its solutions. They become a part of the “Apple World” and as a rule they use several Apple products.
Increase Customer Loyalty
To increase customer loyalty any company should focus on improvements - a process that never stops. Know and appreciate your every customer, promise only what you really can provide, try to understand their needs and finally make them happy. This is all you need to make them loyal to your business and never forget: “Actions speak louder than words!”