A common belief is that the key to business growth and, accordingly, to increasing income is attracting new customers, and all efforts are often concentrated in this area. Of course, without expanding the audience, the company simply will not be able to develop. But the source of stable income, even in difficult times for business. How to retain a remains regular customers who are loyal to both the company itself and its products.
So, loyalty is a positive attitude of the latvia phone number list client towards the business , which was formed as a result of a positive customer experience. Such clients are ready to contact the company again and again, even if competitors are able to offer slightly more favorable conditions. How to determine that you have a loyal client? There are several key indicators for this:
Why Customer Loyalty Is So Important For Any Company
- Purchase frequency: Loyal customers purchase more often than your audience on average.
- Constant contact. Such clients are aware of the company’s life. How to retain a subscribe to newsletters, are members of communities on social networks and respond to requests.
- Participation in activities. Loyal customers take an active part in the events held by the company – customer days, promotions, sweepstakes, etc.
- Having an emotional connection. Commitment to a particular brand is often based on more than just rational reasons: a regular customer shares the company’s values and wants to feel a sense of belonging.
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Does it always make sense to put effort into retaining customers and building a loyal audience?
We are convinced that yes: regular customers help reduce a company’s expenses. Attracting a new customer is much more expensive, and making sure that they actually make a purchase requires much more effort.
Additional benefits of building a loyal audience:
- Less sensitivity to price changes. A loyal customer is ready to buy from you even if the tariff or price of the product increases. If a loan data is confident in the quality, a price increase in most cases. How to retain a will not be a reason to go to competitors.
- Increased profits. Research shows that the average bill of a regular customer is higher than that of a new customer, sometimes several times higher. If you add the frequency of purchases to this, you can see that the company benefits most from regular customers.
- Increase in cross-selling. Loyal customers respond positively to the offer of additional products or services. As practice shows, cross-selling is a really effective way to increase the check absolutely free of charge.
- Reduced advertising costs. Much less money is required to get a regular customer to make a repeat purchase. An additional benefit is that loyal customers are usually happy to recommend the company’s services or products to their friends and family, which provides a free audience expansion.