Customer loyalty is perhaps one of the most important ingredients for long-term business success. Do you use most of your marketing programs for attracting new customers rather than maintaining relationship with existing ones? If not, consider evaluating your marketing strategy. Loyal customers are your best assets and should be seen as an ongoing opportunity.
5 Good Reasons To Have Loyal Customers
1. Repeat purchases. Repeat purchases, quite simply, means more money in your pocket. More money means you not only earn a higher income, it also means you have more money to put back into your business. Satisfied customers that are loyal to your company or products therefore help you earn enough to continue growing your business.
2. Sell more expensive products and services. You have a product or service portfolio that includes a range of products, right? Some are pretty low-cost, entry-level products. Others are priced on the high-end. Returning buyers tend to buy everything you have to offer, including your high-priced products and services. Once again, this means more money in your bank account, more money to turn back into your business.
3. Word of mouth marketing. Loyal buyers are loyal for a reason. They like and respect your business and what you have to offer. Quite often they reciprocate by linking to your website, talking about your business and spreading the word about what great products and services you offer. Satisfied customers send more buyers to your virtual doorstep. They can be one of your best marketing tools for getting more customers.
4. Easier to work with. Whether you offer goods or services, loyal customers tend to be easier to work with. They may demand a higher level of service and they may have high expectations. Meet their demands and expectations and they’re a breeze to work with. You just have to support that credibility.
5. Cash flow. Cash flow is critical to your short and long-term survival. When you have loyal customers who make repeat and regular purchases, you’re able to keep your bank account in the black. They’re tremendously valuable!
As a business owner looking toward the future, it’s important to look at what you’re doing now to keep your current customers. Implement customer loyalty programs to cater to their needs and give excellent customer service. Continue to offer products or services that solve their problems and provide value. You’ll be on the road to long-term business success.