Increase Customer Loyalty and Retention and Increase your Bottom Line

It sounds easy doesn’t  it, increase customer loyalty and retention and increase your bottom line. How does the bottom line increase? Well selling to returning customers

With customer loyalty, the bottom line goes up!

costs less, they know your brand, your products, your service, and I have noted from experience that they can make decisions quicker, requiring less salesperson time. And people love to talk, your most efficient type of advertising is word of mouth, so keep your customers happy and increase customer loyalty and retention and increase your bottom line. Here’s 2 great tips on how to achieve this  from an article titled ‘How To Keep Your Customers Coming Back For More’

Increase customer loyalty and retention and increase your bottom line

Think Long Term Loyalty – You think today’s customer is tough?  The customer of the future will have a shorter attention span, and even faster mobile access to post feedback and collect information.  Imagine a customer simply saying into their phone “this place has bad service and high prices”…then having that voice note posted and a recommendation engine throwing back new suggestions.   How do you overcome this fast feedback loop?  By building long term brand loyalty so that customers will see past small hiccups – the more loyal a customer, the more likely they will give a brand a second chance.  Otherwise, companies will be obsessed with fighting these micro-battles with customers instead of building a long term customer base.   Customer loyalty can also help companies roll out new products and services to brand loyalists who are eager to see what else the company has to offer.

Focus on both types of customer loyalty – paid and earned.   Paid usually involves incentive-type programs that tend to be transaction based – like airline frequent flyer rewards programs – and keep customers loyal so they can get more.  Earned loyalty is based on a customer experience that keeps customers coming back due to their appreciation, or even addiction, to that experience.   Starbucks’ retail culture, Southwestern Airlines’s friendly  crew, and Zappos’ highly regarded customer service are good examples of customer experiences that drive emotional loyalty. Read more here.

These are only the top 2 tips from 5 in an article written by Ephraim Cohen, I encourage you to read the rest of the article for more great tips.

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Comments

  1. I never thought about what the future customer would be like but it sounds precarious for the store owner. I love your call to action at the end. Well done!

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