Customer loyalty decoded
What is customer loyalty really?
Customer loyalty has always been of importance. In the age of Internet businesses customer loyalty has taken a completely new meaning.
Most CXO’s and especially marketers refer to customer loyalty in several theoretical ways. The Internet companies use loyalty as something that leads to more user retention and hence more growth at much lesser cost of customer acquisition.
So what is customer loyalty really?
Customer loyalty is when your customers will actually pay more and choose your solution / service / product. This is when they have more choices and find it challenging to differentiate between what’s the best for them / or the most value for their money.
How do you build customer loyalty in the digital age?
Meaningfully engage with your customers. Be genuinely interested in them. Instead of barging them with your automated marketing messages, show deep, genuine interest in knowing them.
How to build customer loyalty when you are a small business?
Ensure that your founder communicates with customers as often as possible. A video message from the founder can transform your customers into friends that will stay longer and invest in the relationship.
How to build customer loyalty when you are a large business?
Categorise your customers into micro-communities of people with certain interests. Appeal to their interest. Host them over offline events and share with them opportunities that they will appreciate. Tell them that you genuinely mean their good and that you don’t only want to engage them for your business interests.