Stop wasting time getting new customers when the most valuable ones are just a click away.
You’ve probably already heard this so many times before, but today’s fast-paced world means the options to choose from when it comes to anything and everything, are absolutely endless. Whatever you’re selling, someone else probably is too.
It’s hard to make your business stand out in such a competitive climate, even though you could be doing the absolute best you can to make your goods and services shine amidst the market. Yet the key to driving sustainable sales isn’t making your product prettier, bolder, or cheaper: it’s building a guaranteed base of customers that will always purchase from your brand despite the competitors.
Why do I need a loyal consumer base?
All brands rely on having a loyal customer base in today’s market. Loyal customers are customers who are committed to your brand and are expected to make repeat purchases over time. In fact, Hubspot reports that 93 percent of consumers will be willing to make repeat purchases with brands they are loyal to.
This is a significant advantage for any brand that seeks to operate in today’s market, but creating such a base doesn’t happen overnight; more often than not, it takes months, if not years, of solid business transactions to cultivate a great brand-consumer relationship.
But such lengthy periods of business transactions provide a wealth of data directly at your disposal. If you have a customer coming in every other week to make a purchase, a few months down the line you’ll be able to predict when they’ll come in, what range of products they’ll buy from, and how much they’re likely to spend during each visit.
How can I retain a loyal customer base?
To start with, retaining a loyal customer base will increase your profit margin in the long term because come hell or high water, these people will still make repeat purchases according to their abilities. Data shows that increasing brand loyalty by as little as 3 percent could reduce your costs by up to 10 percent.
This is a much more interesting strategy than relying on new and one-time customers to come in, make a purchase, and then leave.
Not only so, but this will surely help you develop new marketing strategies. Rather than invest a wealth of money trying to attract new customers, just tailor your marketing towards improving the brand experience of your repeat customers. It’s cost-effective and by far easier for your team to implement. For your brand, forming these personal relationships with your consumers is essential for you to leave a significant mark and differentiate yourself from other competitors in the market.
Again, it won’t matter how brilliant your product is unless you can couple it with great marketing, product engagement, and customer service.
When in doubt, try to always think of these questions: Do I feel more valued in a random store, as one of the millions of consumers, or at a business that knows my tastes and preferences? Will I be more likely to go back if they kept in touch over time, sending me newsletters and offers? Will I feel valued if I felt that they were talking to me personally?
A loyalty program will give you all the data and feedback to craft campaigns that actually speak to your customers.
Want to start building your brand customer base?