Customer loyalty is one of the key indicators of business health. Losing even a fraction of your customers on a monthly basis may seem like a harmless, natural event but may suggest a more serious underlying condition. Here are 5 ways to increase the number of repeat customers and build a loyal consumer base.
Establish a Connection
Studies show that more than 70 percent of customers immediately end their relationship with a business because of unsatisfactory customer experience. On average, a lost customer equates to $289 in yearly sales or a whopping $83 billion in the US alone. Further studies indicate that customers are more inclined to stay with a business that actually talks to them rather than get greeted by a machine and frustratingly get instructed to press this and that button.
Step Into Their Shoes
The best way to figure out how to treat customers is to become one. Start out by shopping at your competitor’s store and focusing on your shopping experience. How did their customer representatives greet and treat you? Aside from visiting their physical location, shop at their eCommerce platform and try to take notes regarding user experience.
Offering flexibility in your products and services as well as payment options can strengthen customer loyalty. Again, put yourself in the shoes of a customer. Would you settle for a business that only has one or two outdated product/service lines?
In terms of payment options, make sure to apply for a credit card processing service from a merchant account provider. The ability to accept credit card processing enables a business to accommodate customers who are paying via credit or debit card. A cash-only policy is simply outdated and restricts potential sales. Choose the right merchant account provider that can provide you with the hardware and software for processing credit cards.
Employ Competent Employees
Right off the bat, let your employees know that you expect them to be at their best. Never assume that they are performing at their optimal levels and care about growing your brand through the best customer service experience. If you do, you’ll probably end up disappointed and with fewer customers. To maintain competence among your employee base, make sure to provide regular and relevant training programs and seminars.
Implementing the aforementioned tactics is a cost-efficient approach towards increasing customer loyalty. Focusing on this particular business facet can give your business the competitive edge it needs to thrive within its particular industry by building a larger and more loyal customer base and increasing sales significantly.