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Building Loyalty One Customer at a Time

| Posted in Bank Blogs

Who are your best customers?

It's one of the most important questions for business owners to answer in today's uber-competitive business marketplace.

The answer, though, isn't all that difficult.

It's your loyal customers.

As your parents probably told you growing up, loyalty matters. Especially in the business world. Loyal customers are likely to buy more from you, stay with you longer, and recommend you to other customers.

Here are some ways to build relationships and loyalty with your customers:

  • Know your best customers. So exactly who are your most loyal customers? They are the customers who have been with you the longest and who buy the most from you. You may be able to determine that through your sales data or just by seeing the customers who come into your business year after year. If you can identify your best customers, you can get to know them on a personal level, which helps increase loyalty.
  • Show appreciation. Your loyal customers do a lot for your business, so it's important to regularly thank them. That could involve sending them a note or email, or taking them out to lunch if possible. Even consider hosting Customer Appreciation events.
  • Stay in contact. Remember that your competitors are constantly vying for your customers' business. That's why you'll want to stay in front of your customers whenever you can. Consider sending them birthday greetings and picking up the phone and reaching out every so often to see if they need anything.
  • Reward customers. There's a reason why so many companies offer loyalty programs – they work. They encourage repeat business, which is essential to building loyalty. You can reward customers by creating a loyalty program that offers exclusive offers, discounts, and even gifts for doing business with you.
  • Improve customer service. Every interaction you have with your customer – whether it's online, in person, by phone, or even during product or service delivery – is an opportunity to provide exceptional service to your customers. The better you serve your customers, the more likely they are to return and to recommend you to others.
  • Ask customers what they think. The best way to stay attuned to want customers want and need is to regularly ask them. Pick up the phone and ask them about the service they receive and ways you can improve. Or if you have many customers, send out customer surveys. Pay attention to what customers are saying and make necessary changes so they know that you are listening to them.

Loyalty matters, not just in building strong long-term relationships with your customers, but also in building your bottom line.

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