Having read the recent and numerous articles following Tesco’s latest results it’s interesting to read in the reports something we, as customers, already know…. that we are fast becoming ‘promiscuous’ shoppers who choose to select from a number of retail outlets rather than one.
Gone are the days when one retail giant can influence our total spend. As more choice in shopping venue and medium emerge and more varied pricing and availability become prevalent it will become even tougher and more important for businesses to hold on to customer loyalty.
So what do brands need to consider in keeping customers loyal?
Here are a few things to bear in mind.
Keep quality high. Depending on the price of your product there is an expectation of a certain level of quality from the marketplace. Stay consistent in the quality of your goods or services. People will go back to what they know they can count on, don’t let them down.
Engage your customers. Keep in touch with your target customers on a frequent and consistent basis. Let them know about the new and exciting developments within the company and your brand and what to expect next, build momentum through communication and let your fans feel involved in the happenings of your business.
Solicit feedback from your customers. Stay in touch with your customer, ask their opinion of your business, did they like their most recent experience with your company, were they satisfied with the customer service, did the product or service meet their expectations? Let them know that you care about their experience and that you are listening to their concerns. Make sure that your client’s know that you respond to the demands of your consumer. If you want your customer to come back, give them what they want!
Give them a reason to come back. Provide incentives for customers to return to your company instead of the competition. Create programmes that reward loyalty to your brand. Consider giving insider access, special status and other non-monetary driven incentives. Everyone wants something that can’t simply be purchased, provide some privileges and create some cache!
Stay relevant. Keep a close eye on what your competition is doing and what the current trends are in your industry. If your marketing and communications strategy isn’t relevant to the current market then, your message provides little or no value and falls on deaf ears. Worse still a once loyal customer who has switched off can do a lot of damage in this new world of heightened social media.
Provide Value. How much does the first repeat purchase mean to you, how much do you value the third transaction and is it worth losing the fourth potential deal to a competitor? The answer is that customer loyalty is invaluable and no, you don’t want to lose them. Create a plan to give a percentage of loyal customers’ cumulative spending back to them in some way. Whether it is through tactical offers, complimentary postage and packing or a reward when they spend a certain amount, or an additional service, always find a way to create added value.
Show your appreciation. So often companies forget to say a simple ‘thank you’ for your business. Wish your clients Happy Birthday, and a Happy Easter. It may sound extravagant, however customers in every industry want to feel that you care about them outside of your business transactions with them.
Finally… Never be too proud to say you got it wrong. It is the open and honest relationship that you build with your customers that instills the trust that keeps them coming back. If you make a wrong decision or don’t quite get it right, be bold and strong enough to admit it and put things right.
Take some time to review your customer loyalty approach against these considerations. Need help to look at your customer engagement strategies with a fresh pair of eyes? Get in touch.