What's more important than the first sale? Brand loyalty.
According to research, loyal customers are worth up to 10x as much as their first purchase. If you can convince one customer to stick with your brand over the competition, it's equivalent to having up to ten customers in one loyal customer. Even better, repeat customers spend 67% more than new customers.
Research also suggests that if you can increase customer retention rates by 5%, you can expect an increase in profit by 25 to 95%. It also has effects on costs, decreasing it by 10% with a 2% increase in customer retention.
It can't be reiterated more. Customer retention and brand loyalty are vital to your business's success. Here are some customer loyalty marketing strategies that will keep your customers hooked to your brand:
1. Offer quality products and services
First things first. One of the surest ways to elicit customer loyalty is if you're offering value your customers can always count on. That means producing quality products and services consistently. When customers buy a product or avail a service, they have a certain level of expectation dependent on the price they paid. If you guarantee consistent quality that offers great value for their investment, your brand is on track to attract a horde of loyal customers.
2. Know what ticks your target market
It's not enough that you have a high-quality product to offer the market. Even with perfect products, nine out of ten startups fail because of one potential critical factor. Your product, it turns out, may not be the perfect fit for what your customers need after all.
More than creating the perfect product, you should focus more on creating the right product that meets what ticks your target market.
This is where product research plays an important role. If you already have a product, the next step should help you improve your product.
3. Get customers engaged regularly
In today's highly competitive and technological marketplace, fewer customers are likely to stay loyal to a brand. With online shopping fast becoming the norm, customers have more options than ever. If you want your brand to stand out, you need to offer customers more than quality products. What you need is a strategic customer engagement plan.
How do you get customers engaged? Consistently get in touch with them by creating a community where they can feel a sense of belongingness. Customers need to feel that they matter and they have a say with regard to new developments and product improvements. Listen to their opinions and the general consensus then improve your product accordingly.
If your brand doesn't have social media communities yet, there is no better time to create one now. If you don't want to lose customers, let them know they can easily access your brand through online communities. Also make sure to respond rapidly to any inquiries, complaints and other concerns. Customers expect an immediate response every time. If you can perfect your social media game, you'll be retaining one customer after another effortlessly.
4. Ensure brand loyalty with superior customer service
Most of the time, customer service makes all the difference. And statistics support this fact. About 78% of customers bail out on a transaction because of poor customer service. Treat customers poorly during a transaction and you're less likely to see 68% of your consumers for repeat business. Following a poor customer experience, 89% of customers will gladly start doing business with your competitor.
But fortunately, we have some good news. If customers have had a negative experience with your brand, there's hope. About 92% of your customers are likely to go back to your company if you offer an apology for the poor service. Offering discounts also worked. If you can show proof of enhanced customer service, you can effectively convince 49% of consumers to rekindle their business relationship with your brand again.
To ensure brand loyalty from existing customers, make sure to offer superior customer service every time. You can do this in a number of ways. For one, you should train your company's customer service representatives to be genuinely friendly. You also aim in offering personalized experiences.
5. Give customers a reason to keep coming back
Customers do not just come back to a company because of quality products and excellent customer service. Another surefire consumer loyalty strategy you should employ is to offer customers an irresistible incentive.
Business incentives are available in various forms and types. You can offer exclusive discounts for loyal customers, for example. You can also reward them with exciting promotional giveaways you wouldn't offer otherwise.
What are the best types of promotional products to offer customers for brand loyalty?
You can hit two birds with one stone with promotional caps and hats. No matter the season or the industry your business is involved in, embroidered caps and custom printed baseball caps will always work. Personalized caps are affordable, widely visible and very practical all around. Your investment is sure to go a long way.
Here are some of the best promotional caps you should check out if you want to increase build brand loyalty and increase brand awareness at the same time:
If you're after retaining eco-conscious customers, offer them this Recycled Earth Friendly Fabric Cap. Made from 100% recycled earth-friendly fabric, this structured 6-panel cap is sure to hit the sweet spot for any eco-friendly promotion.
Promotional Golf Caps
If your target market includes the sporty and frequent golfers, let them know you appreciate their loyalty with a personalized golf cap. This Brushed Heavy Cotton Cap with Magnetic Ball Marker on Peak, for example, offers the perfect combo of style, sporty and comfort. What makes it even special is its availability for customization. You can decorate your brand in full-color print to ensure maximum brand exposure in the golf course.
Custom Printed Mesh Caps
Custom printed mesh caps like the Garret Mesh Backed Cap also make an excellent incentive. Featuring a structured 6-panel design with pre-curved peak and contrast honeycomb mesh backing, this branded cap is not only stylish and sporty but also extremely breathable. It's just the headwear your customers will love to wear outdoors.
Personalized Bucket Hats
Great for summer and outdoor events, embroidered bucket hats are another great incentive to build brand loyalty. With this Microfiber Bucket Hat, you've got a customizable and quality promotional hat that's sure to impress your existing customers. Just make sure the hat is beautifully embroidered with your logo so they're always reminded of your brand.
Brand loyalty marketing, in essence, is all about reaching out to existing customers and nurturing business relationships that benefit both parties. There are different loyalty programs your business can try. You can try the five loyalty programs we've listed above for a start.