How To Build Brand Loyalty For Your Business
Why seek out new customers when you can keep the ones you've already got? Find out how to build brand loyalty for your business here.
With the endless offerings available to consumers, it’s important that your business stands out. Brand loyalty refers to the tendency of consumers to continuously purchase one brand’s products over another. This sort of loyalty is invaluable to a business as sales are less likely to fall in the face of a price hike. Similarly, there would be less risk involved in product reformulation or a product line expansion.
Consumers like to stick to what they know, so why can’t that be you? This article provides six easy ways to build brand loyalty for your business today.
A large part of securing repeat customers is consistently providing high-quality products and services. This may involve spending some time establishing clear and measurable standards for your goods and/or services. Moreover, you may seek to initiate regular quality control measures such as product failure and safety testing.
Alternatively, consistency can be perceived as being able to understand the changing needs and wants of your customers. Don’t generalise or make presumptions about your customers’ needs. Conduct routine and in-depth market research into your industry and customers. Being able to pre-empt the needs and wants of your customers is a sure way to stop them from looking elsewhere.
2. Customer Service
Consumers gravitate towards businesses that truly care about their customers and the customer experience. This concept is two-fold.
Firstly, think about how you can make the purchase an enjoyable experience. Would they prefer a hands-on experience where an employee guides them through their options? Alternatively, would they prefer having all the necessary information readily available so that they can make a decision on their own accord?
Moreover, have a think about packaging and delivery. Some are geared towards a more minimalistic no-frills approach whilst others desire a more luxe experience.
Secondly, ensure that you have measures in place to provide customer support. This might look like having a comprehensive website, multiple avenues to contact the business or online chat support. Additionally, you may seek to set a standard that all queries will receive a response within 1-2 business days.
Be sure to track the queries and complaints you receive. This can serve as insight into areas requiring improvement.
The key to building brand loyalty is engaging with your customers. Social media makes it easier than ever before to integrate the business into a customer’s everyday life.
Give customers an insight into the operations of the business and share exciting developments. Shed some light on the people behind the business and what the business stands for. Customers like knowing that their values align with the businesses they support.
However, it’s not enough to just speak at your customers. Ask questions and drum up a conversation. Be active in the comment section and even host a Q&A every now and then. Similarly, reshare posts which the business has been tagged in. This simple act is a little nod to show that you appreciate the support of your customers.
4. Loyalty Program
A loyalty program works by incentivising customers to make repeat purchases with the business. This may include earning a point for every dollar spent, coffee bought, or review left on the website. Once the customer has reached certain thresholds, they can unlock discounts, coupons or merchandise. Everyone loves a good freebie, so why not use it to your advantage?
(5) Referral Program
A recent extension to the classic loyalty program is a referral program. A referral program encourages customers to recommend your business to others in return for discounts. This sort of marketing is advantageous as consumers are more willing to go off a personal recommendation.
(6) Memberships/Subscription Services
Lastly, depending on the nature of your business, it may be beneficial to offer a membership/subscription service. This creates value for the customer by giving them better rates and/or benefits when they commit to a longer-term engagement. Concurrently, this helps to generate regular and repeat sales for your business.
Considering that 80% of sales come from 20% of your customers, it’s worth building brand loyalty for your business. Building brand loyalty doesn’t focus on selling any one product but on the business as a whole. Let your customers connect with the business on a personal level and you’ll discover a mutually beneficial and invaluable relationship.
Shantelle is a Legal Tech Intern at Lawpath, working as part of the Content Team. She is currently in her final year of a Bachelor of Laws and a Bachelor of Business at the University of Technology Sydney. She is interested in emerging technologies and privacy.