How To Maximise Customer Loyalty
Building customer loyalty that translates into customer retention should be the holy grail for all marketers but too often it plays second fiddle to acquisition, both in terms of marketing investment and marketing thought.
Some of the tactics used to attempt to retain customers actually impede customer experience and damage brands.
Maximising Customer Loyalty Has Become Harder
Touch-points have exploded to extend well beyond the marketing department and with them the points of friction for a consumer and risk of defection to a competitor have also intensified.
The journeys are increasingly fluid, personal and less predictable with Marketing departments struggling to adapt; acquisition and conversion are seen as distinct activities from nurturing and building loyalty.
How Can You Step-Change Customer Loyalty?
Our view is that the best way to acquire new customers is to focus on those that you already have: turn them into advocates for the brand, deliver exceptional experiences and acquisition will start to take care of itself.
There are 10 ways to maximise customer loyalty including:
- Show Me You Know Me - it’s the basic expectation that today's savvy customers have: they know that their personal information has value, they are willing to share it with brands in exchange for the promise of something valuable.
- Recognising that all customers aren't equal - customers are different in what they think of your brand and the relationship that they want (if any) with your brand. They will be at different points in the customer journey and will have different motivations and expectations. Customer experience needs to be differentiated accordingly.
- Linking interactions to insight-driven events - interactions with customers should not be timetabled according to your business calendar. Instead interactions should be personally relevant to your customers and this places an emphasis on the data you capture and how you use it.
- Letting customers shape their experience - customers expect that the provider will understand their needs and continually strive to satisfy them. But consumers are more willing to accept that products and services are in perpetual development.