So, Businesses in the world exists because someone buys their products or services in return of money. It is a well known fact that managing or retaining an existing customer is lot easier than acquiring a new customer. Today lot of Businesses thrive on repeat business from their existing customers. The sound example for this Information Technologies (IT) Industry. Almost all the IT companies rely heavily on the “Repeat” business from their existing customers. This will not only boost their revenues year-on-year but also brings in predictable income as they will renew the contracts of service for years or months in future. Therefore it is utmost important for companies today to increase their customer royalty to remain as a leader in their industry. Below are the seven ways you can focus on to increase the customer loyalty for your organisation.
1. Quality: This is the most important one of all the ways to retain a customer. Customers want the value worth of their money spent on the product or service bought from you. If you have a good quality product or provide a good quality service, the customers would be happy and eventually your offering will be popular as the satisfied customers will freely advertise your offering by word of mouth. This is the single most effective form of advertising.
The great example for this is Google. Google offered a great service of Internet search and it quickly became a market leader having approximately 60% market share in the Internet search engine industry. It achieved all this by purely Word of Mouth strategy. Thus, Quality is the most important factor for increasing one’s customer loyalty.
2. Customer Service: This sometimes makes or breaks your business. I have seen many businesses struggling to remain competitive due to poor customer service. In this internet age, it would not take much time to spread the word about the quality of customer service you offer, whether it is good or bad customer service and this spreads like nothing less than a wild fire.
I personally had a bad experience with an airliner in Europe. The employees were so rude, it forced me to cancel my tickets with them and book with other. Later I found that I was not an isolated case but many people have had such similar experience.
3. Great Price: Pricing your product is an important aspect in any business. If the price for your product is very high then few or no customers would like to buy and if it is low you will be not making enough profits. There are number of ways to price your offering right.
4. Branding: Branding is becoming an important aspect for any business today than anytime before. Today people are becoming more brand conscious and would like to associate themselves with a brand. In simple terms, Branding is nothing but creating awareness of your product or service among people and turn them to your customers. This can be achieved only with Good Quality products and good Customer service.
5. Incentives: You may have to give some incentives for the customers to promote your product or service. Assume you have service offering Web hosting, in order to boost your sales, you can provide a discount if the customer signs up for 2 or 3 years compared to monthly paid plan.
This way you can retain your customer for much longer time and thus boost revenues. Of course, you should combine this with above steps to increase your customer loyalty.
6. Customer Relationships: Try to keep in touch with your customers as much as possible. This will help you to update them with your great offers, discounts and new products. The best example for this is the Email newsletters used by various companies like Airliners, Travel agencies, etc. Today, Businesses are increasingly using this method to manage the customer relationships.
7. Employee Relationship: Last but not least, your organisation loyalty starts from your own company. Having a loyal employee helps a lot for the company as this translates to happy employees and thus in turn a good customer service by the employees.
Treat the employees as you treat your customers or your superiors in your organisation. I wonder how many companies will succeed if the front-end workforce does not work as they are supposed to be with respect to customer service. Treat them with respect and build trust and loyalty with employees and you will have Customer Loyalty.
Follow the above steps and you will have a Great Customer loyalty.[sc:publicidad ]
Praveen Kumar Tumma: I am a IT consultant in the Customer Relationship Management(CRM)domain. In my blog Bizknowledge.net I share my knowledge gained through out my career and life’s experiences which will be powerful, useful and ready to implement. You will find many interesting articles and tips related to Blogging, Marketing and Business at my blog.
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