What would your business look like if you were able to increase your retention rates by 10 or 15 percent? How much more profitable would you be? These are questions worth considering as you start fresh in 2021.
What Makes a Loyal Customer?
Customer loyalty is something that businesses have been after for decades. And in today’s competitive environment, it’s something that’s harder to obtain than ever before. Today’s customers – particularly younger consumers – are less brand loyal and tend to switch between brands they see as “basically the same.” However, loyalty is still something that can be achieved if you’re committed enough.
Customer loyalty is typically the result of a proprietary blend of price, value, experience, quality, convenience, notalgia, and expectation. And in the world of social media, there’s also a degree of social acceptance involved. (“What will people think?”)
By cultivating loyalty, you ultimately increase profitability … Read the rest