If you are not constantly growing your customer base, you are losing it. Satisfied customers, singing your praises to their friends, neighbors, co-workers and family, are the most cost-effective way to attract new customers.
Building customer loyalty is multifaceted. Here are just a few reasons why your customers will be loyal to your company and its products:
1. Value. Even when you have excellent quality and affordable pricing, it’s the perception of quality that can make the difference. Be sure your product looks valuable from the shelf.
2. Service. Your product is not judged so much by how well it does when it performs, but by how well your company performs when your product does not. Don’t just give “complainers” their money back, give them more products, and show them that you and your product can perform.
3. Appreciation. Gary Vaynerchuk, in his book “The Thank You Economy,” stresses the importance of showing appreciation to your customers for buying your product. He recommends random, personalized thank you notes given without expectation.
4. Relevance. As the market changes and your customers’ needs change, your product must keep pace or it will be left in the dust. Keep an eye on the competition and the ways the market is being redefined.
5. Accessibility. If it’s out of stock, they can’t buy it, won’t complain, and will simply buy your competitor’s product. If it’s good enough, they may never go back even when your product is in stock. Your loyal customers blame you for the behavior your retailer, distributor, and any middlemen who let your product run out.
6. Validation. Third party accolades are not just to attract new customers, but to retain existing ones. Everyone wants validation for their decisions. When they see that a famous person is using “their” brand or when they see it win a competition, they have bragging rights.
7. Dependability. When your customer first buys your product, they have an expectation of performance, which, if realized, makes them more likely to buy it again. Your brand makes them a promise that they will get the same quality every time they buy it. Don’t break the promise!
8. Responsibility. How your company treats its employees, the community, and the planet has a big effect on customer loyalty. People now realize that they are voting with their money. Make sure that when they “vote” for your product, they will be proud.
9. History. Having a history of selling your product is a double-edged sword. Any unresolved glitch in performance or service will be seen by buyers as your product “going down hill.” They have been with your product so long they know what you used to produce.
10. Consideration. Give your customers a financial reason to stay with your product. Loyalty programs that give points, coupons, rewards, or upgrades against future purchases can create a powerful consideration to remain loyal.
Building customer loyalty requires consistent delivery of value over time. It takes a comprehensive view of what motivates your customer to buy your product and stick with it.
It’s not a vaccination, it’s an ongoing process. Your customer is only as loyal as his last experience with your product. Give your loyal customers good reasons to say, “That’s my product and I’m stickin’ to it!”
Who We Are
Michael Houlihan and Bonnie Harvey co-authored the New York Times bestselling business book, The Barefoot Spirit: How Hardship, Hustle, and Heart Built America’s #1 Wine Brand. The book has been selected as recommended reading in the CEO Library for CEO Forum, the C-Suite Book Club, and numerous university classes on business and entrepreneurship. It chronicles their humble beginnings from the laundry room of a rented Sonoma County farmhouse to the board room of E&J Gallo, who ultimately acquired their brand and engaged them as brand consultants. Barefoot is now the world’s largest wine brand.
Beginning with virtually no money and no wine industry experience, they employed innovative ideas to overcome obstacles, create new markets and forge strategic alliances. They pioneered Worthy Cause Marketing and performance-based compensation. They built an internationally bestselling brand and received their industry’s “Hot Brand” award for several consecutive years.
They offer their Guiding Principles for Success (GPS) & Shelf Smarts courses to help consumer product brand builders achieve success. Their book, The Entrepreneurial Culture: 23 Ways To Engage and Empower Your People, helps corporations maximize the value of their human resources.
Currently they travel the world leading workshops, trainings, & keynoting at business schools, corporations, conferences. They are regular media guests and contributors to international publications and professional journals. They are C-Suite Network Advisors & Contributing Editors. Visit their popular business site at www.thebarefootspirit.com.
To make inquiries for keynote speaking, trainings or consulting, please contact email@example.com.