Every business decision you make should have as its core the earning and retaining of customer loyalty. This is especially significant in today’s world, where the sheer volume of options available in the market makes retaining loyalty so much more difficult. Once you realise that the success of your company hinges not on meeting annual profit goals, but on keeping your loyal customer base happy, your way of doing business will definitely undergo a drastic change. Here are some key strategy shifts you can incorporate into your company policy.
- Customer Centric Focus – Don’t restrict your focus to hard core promotion of your product/services. While those sustained advertisements will definitely increase short term sales and profits, it will not enable the long term growth of your business. This only happens when you change company priorities from ‘Products’ to ‘Customers’. Find out if your customers are perfectly happy with your current product/service, or are there certain modifications they would like to see. There are numerous methods to shift the focus to customer preferences, like:
- Surveys – Previously customer satisfaction surveys were conducted via phone, paper forms etc. Now online surveys instantly relay customer feedback, enabling quicker responses.
- Online Forums – Create a site dedicated to customers. Here, they can post their honest views about your various products/services. There can also be an online team which answers queries posted by customers. New launches, promotions etc, can be announced here.
- Active Participation – Involve loyal customers in the designing of new company offerings. Find out what features they would like to see included and what they would prefer eliminated. This ensures you create products/services tailored to meet customers’ actual needs rather than on assumptions made by the marketing team. Based on feedback via the online forum, modifications can also be made on existing offerings to make them better suited for customers. This will make the customers feel invested in the success of your company.
- Loyalty Rewards Program – Show your gratitude by rewarding repeat customer patronage. Rewards can be in various forms like:
- The Points Program – Where the customer accumulates points with every purchase made. You can assign a predetermined monetary value for each point earned, which can be redeemed at a later date.
- Treat Customers as VIP’s – Make loyal customers feel special by organising special events for them – new product/service reviews, special discount days, impromptu lucky draws etc. Also be creative, find ingenious ways to make your loyal customers feel valued.
- Surprise Loyal Customers – Use the online forum to wish them on birthdays, thoughtful gestures like gift vouchers, chocolates etc. It will go a long way in making their day extra special (it does not have to be expensive, just something to show how much you value them). Congratulate them on their personal and professional achievements, and highlight it in the forum (keeping in view their privacy concerns!). This is just the tip of the iceberg, there are so many other ways you can reward customer loyalty. Let your imagination be your guide.
Finally, the key factor to keep in mind when formulating your policies is sincerity. Consider customers an integral part of your company and show them by your actions, how much you value them. They will respond with renewed loyalty and patronage.
