4 Ways Small Business Owners Can Foster Customer Loyalty
Posted: Wed Jan 08, 2025 4:42 am
On average, loyal customers are worth up to 10x as much as their first purchase. That’s due to the fact that loyal customers tend to stay longer, buy more often, and spend more than new ones. This is why fostering loyalty among existing customers is crucial. Since the cost of bringing a new customer up to the same level of profitability as an old one is up to 16x more, it’s better to focus on retaining customers than on acquiring new ones. So how do you retain customers and keep them coming back?
Make customers think you’re the best option
In order to survive in the cutthroat business landscape, you have to constantly find iceland whatsapp phone number ways to stand out from the competition. It's not enough that you're providing superior products and services to your customers. Your competitors are doing their best to do that too. Come up with ways to develop a brand identity that will make customers think you're the best option.
A great way for you to gain a competitive advantage is through creating amazing experiences unique to your brand. If done right, you can create loyal customers for life and get them to be brand ambassadors for your business. Take for example Coca-Cola. This large corporation has been acing its marketing game through their creative ads and experiential campaigns centered on 'happiness.' This is part of the reason why the soda giant remains steadily as the world's favorite soda for years.
From creating ‘happiness machines’ to ‘happiness tables’, you can learn a thing or two about creating memorable experiences for your customers from this soda giant. However, you don’t necessarily have to spend a fortune on your marketing campaigns like Coca-Cola did. There are plenty of cost-efficient ways to get creative in getting the word out about your brand. A low-budget publicity stunt such as a flash mob is one example.
Providing personalized customer experiences is also another way to win the loyalty of your customers. A recent report from Accenture says 75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history. This can be achieved through the use of beacons. A beacon is a small wireless device that can push notifications and transmit small amounts of data directly to mobile phones. More and more retailers are taking advantage of this technology and it is expected that by 2020, 400M beacons are going to be deployed.
Make customers think you’re the best option
In order to survive in the cutthroat business landscape, you have to constantly find iceland whatsapp phone number ways to stand out from the competition. It's not enough that you're providing superior products and services to your customers. Your competitors are doing their best to do that too. Come up with ways to develop a brand identity that will make customers think you're the best option.
A great way for you to gain a competitive advantage is through creating amazing experiences unique to your brand. If done right, you can create loyal customers for life and get them to be brand ambassadors for your business. Take for example Coca-Cola. This large corporation has been acing its marketing game through their creative ads and experiential campaigns centered on 'happiness.' This is part of the reason why the soda giant remains steadily as the world's favorite soda for years.
From creating ‘happiness machines’ to ‘happiness tables’, you can learn a thing or two about creating memorable experiences for your customers from this soda giant. However, you don’t necessarily have to spend a fortune on your marketing campaigns like Coca-Cola did. There are plenty of cost-efficient ways to get creative in getting the word out about your brand. A low-budget publicity stunt such as a flash mob is one example.
Providing personalized customer experiences is also another way to win the loyalty of your customers. A recent report from Accenture says 75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history. This can be achieved through the use of beacons. A beacon is a small wireless device that can push notifications and transmit small amounts of data directly to mobile phones. More and more retailers are taking advantage of this technology and it is expected that by 2020, 400M beacons are going to be deployed.