Any business that wants to sell their product or service wants to acquire new customers. It’s a no brainer. But are new customers your only focus?
Research regarding new customers vs existing customers has shown that…
- Acquiring a new customer can cost five times more than retaining an existing one
- An existing customer is 50% more likely to try your new product or service
- An existing customer is likely to spend approximately 31% more than a new customer
If you aren’t cultivating customer loyalty and marketing to your existing customers, you could be missing out on valuable relationships and valuable revenue. Here are three ways to build brand loyalty.
Provide high quality products and brand experiences.
Most businesses aim to make a quality product or service no matter what, and prioritizing quality can serve your business in many valuable ways. But when your customer receives a high quality product or service at a competitive rate, they are much more likely to become loyal to your brand without any further initiative.
If a customer has a good experience with your brand and with your product, they are unlikely to seek out alternative brands or products and will continue to use yours. If you want to build brand loyalty and cultivate loyal customer relationships, quality is the place to start. Implement quality assurance in your brand, online presence, digital and traditional marketing initiatives, shopping experiences, products, and customer service whenever you can—quality elevates your business and is the foundation of brand loyalty.
Keep your brand, message, and business consistent.
Quality is vital, but it only works if it’s consistent. If a customer has a great first experience with your brand or product, but the second or third time around it’s less satisfactory, their disappointment could lead them to check out your competitors. But when each experience is consistent (and potentially even better than the last!) and your customer knows what to expect and trusts that you will deliver, they will continue to give you their business with confidence.
Consistency can be implemented in a number of ways that can affect your customer’s experience, including using the same brand assets across all marketing initiatives and throughout your online presence so your customer can recognize you wherever they find you. Keeping your promises, USPs (unique selling propositions), and other brand messages consistent helps facilitate trust and confidence in your business.
Offer your customers valuable incentives.
Another effective way to build brand loyalty is by offering your existing customers an incentive to make another purchase and to continue shopping with you. Some common incentives include:
- Loyalty programs. A loyalty program rewards customers for their loyalty and encourages them to make frequent purchases to earn points, receive VIP benefits, or to move into a higher ranking tier in your program.
- Exclusive offers. If you’ve built an email list of individuals who have made at least one purchase, you could send those customers an offer (i.e. buy one get one free, 25% off your next purchase, etc.) that is exclusive to them.
- Special previews. If you’re releasing a new product or rolling out a new service, consider giving your loyal customers a sample or holding an event (virtual or in person) to give them a first look at what’s coming.
- Freebies. If you don’t currently have a loyalty program that rewards them with exclusive items, consider tossing some free samples or a small gift into their order package. This small but generous effort can surprise your customer and elevate their experience with your brand, and if they enjoy the sampled products, they may be encouraged to purchase more items from you.
When you show your customers that you appreciate their business and that you want to reward them as a valuable patron, those customers are more likely to continue their relationship with your brand instead of taking that business elsewhere.
Want to build brand loyalty with your existing customers?
We understand the value of customer loyalty and we know how to optimize a brand’s online presence to help achieve that. If you’re ready to improve the quality and consistency of your online presence and create a better user experience on your ecommerce site that encourages customer loyalty, contact us today. We would love to discuss how our digital marketing experts can help you generate new leads and cultivate customer loyalty with existing customers.