Our Latest Thinking
The loyalty landscape continues to evolve as brands seek to build loyalty from their customers. After all, loyal customers mean enviable lifetime value. Loyal customers spend more at a higher frequency while costing less to serve and support. Above all, they share positive experiences, and in the social world we live in today, the brand value of positive chatter is higher than ever.
Customers make decisions everyday about where to spend their time and money. Loyal customers choose to interact with their favorite brands, and believe that brand product or service is their best option.
There are many ways to build loyalty. Reactive means have to do with contracts, switching costs and lack of competition. Proactive means have to do with superior quality, competitive pricing and amazing service.
You are asking your customers to be loyal to you, but there is another factor to consider: What are you doing to be loyal to them? Great customer service is one answer to this question. Another answer is to make sure you recognize them as individuals beyond just a customer base. When customers feel valued in a personal way, the experience shifts their perception to become a promoter of your brand.
If we know so much about our customers, why do we speak to them as if we don’t? Being relevant to your customers is a meaningful way to create loyalty. Personalized messaging means that your communication is tailored specifically to them, their needs and their interests. This is a sign of respect. We ask our customers to be loyal to us. Its imperative that we are loyal to them as well and the respect of relevant communication can facilitate that two way street.