Why Customer Loyalty is the Bane of Your Business

Why Customer Loyalty is the Bane of Your Business
  • Opening Intro -

    No matter how well your business is doing, you cannot ignore your customers at any time.

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In reality, once a business is doing well, business owners tend to assume that their customers are happy and there is no need to bother much about them. This attitude can cost a business dearly…

Focus on your customer…..always

No matter how much effort you put into your marketing strategy, nothing can match word-of-mouth. This is something that cannot be matched with any other form of marketing. This has the highest impact on any business.

Focus on retaining your customer

Businesses know that retaining a customer is the only way to ensure their loyalty. Hence they are looking at several strategies to do so.

One of these strategies would be to provide them with loyalty points. This is something that works especially well with the middle-class consumer. They love to get something extra when they shop.

Now, these loyalty points have to be devised carefully. They will have an expiry date. In case it is too far, customers will take it easy about redeeming them. During that time, they can even forget about them. Then the entire purpose of loyalty points is lost.

Another option is to have an expiry date that is nearby. That may not be very favorable to many customers and they may not like to opt for such loyalty points. A middle path is the only option here.

These loyalty points may be applicable only to the same brand. Or else, they can be used for other brands too. This can be from the same parent company or some other company. All this has to be worked out in order to retain customers.

Various discounts and other schemes can be worked into the strategy to retain customers. These have to be devised in a way that they are attractive to the target customer. They should make the customer buy more, but without being too pushy.

Customer service

The fact remains that most businesses are offering similar kinds of products today. What differs is the kind of customer service that is being provided. This may be pre-sales, during a sale as well as post-sale. It can ensure customer loyalty in a big way.

other valuable tips:

The most important thing here is to listen to the customer. The customer may or may not be right. But it is important to make a customer feel important.

The tips given above are simple yet important. You can try these out for your business and see the difference. Besides, you can help out others by sharing these with them through social media like Facebook and so on.

Image Credit: Pixabay

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CFOne Business Management Reference:

GUIDE: market planning model

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