Wednesday, January 25th, 2023
Let’s set the scene : you’ve got a product or service to promote to customers, and you’re communicating its value via your chosen marketing channels to reach new purchasers. But once your business is up and running, your existing customers will become your biggest asset.
It can cost up to 5 times more to acquire a new customer than retain an existing one. But it’s not just the all-important cost to consider here. It’s that intangible but insanely important concept known as brand loyalty.
Increasing customer retention (ie generating loyal customers) by only 5% can increase your profits by 25-95%. And it’s 3 times more likely that an existing customer will purchase from you, compared to a new customer. Let that sink in.
Loyal customers will be your company’s lifeblood. They already know you, they already love what you sell, and they’re more likely to advocate for you to their family and friends. So it’s important to keep your relationship with them transactional – give them value back, engage with them, and they’ll more likely return to purchase again and again.
An important aspect of your marketing strategy should be relationship marketing. That is, strengthening your relationship with your customers via your marketing channels, from your social media content to email marketing. This involves considering and addressing their needs, pain points and interests as you move through the year – and providing content that will resonate with them, whether it’s entertaining, educational or inspirational.
The end result? Increased brand loyalty. They’ll feel a connection to your business and the values you stand for – because you’ve blurred the lines of the business/customer relationship, instead cultivating a strong tie of shared values and trust. Your ‘brand’ won’t be seen as an impersonal name or service, but a giver of value, inspiration and confidence.
Once customers get to know you and like what they see, from a strong first impression at the first sale, their advocacy will grow. By delivering a consistent experience, with a TOV that connects with your customer base, from your marketing efforts to your customer service, your customers will more likely come back for more.
If customers value what you provide, via consistent activity across your channels, they’ll be more likely to purchase again from you and tell others to give you a try. Think of it like a strong friendship of sorts- if you keep nurturing them, they’ll do the same for you. And your brand will have a considerable band of supporters behind it, strengthening your brand image.
Consider a brand you feel loyal to, and ask yourself why that’s the case. Do you identify with their values? Do you feel inspired, entertained, motivated by the content they create on socials? Did they provide infallible customer service, going above and beyond?
There’s many ways to boost brand loyalty- and it can be a long game. There might be many competitors out there- how can you stand out, and go the extra mile, to surpass expectations? We’re here to help with that.
First of all, a key factor to consistently keep in your mind : your customers’ experience of your brand. It’s not what you think they’ll value, but giving attention to what works – eg what gets engagement on your socials, what prompts a positive review. Keep doing more of that as you grow your awareness of your customer base and what’s important to them.
This is most likely the most common touchpoint for your customers to stay up to date with your brand and engage with content you create. After you’ve chosen which channels best suit your audience, from Instagram and Pinterest, to Twitter and LinkedIn, it’s time to place ‘engagement rate’ on a pedestal. It’s not just how many followers you have, but whether people are engaging well with your content.
So give them plenty of opportunities to do just that. And keep it varied. From value-based infographics to educate them around their interest niche, to BTS content that they might find entertaining or relatable, figure out what your audience best responds to. What do they like, comment on, save?
Prompt communication by asking questions, creating polls- and reply to engagement in good time. Your followers will love to feel recognised and valued by you- and they’ll more likely come back for more.
With your email channel, you’re one step ahead. Your subscribers chose to sign up to receive updates and exclusive perks from you – all you need to do is nurture that relationship, and keep it consistent. Segment your audience according to their past activity (purchases, browsing history), and create campaigns that would resonate with them – and gently encourage them to purchase from you.
It’s also crucial to create email automations that communicate a message to your audience at significant times- such as when they abandon cart, or they haven’t purchased for a while. How can you get back in their radar in a personable way, without sounding ‘shouty’?
Ensure your subject lines are enticing to sustain a good open rate, and put time into create value content, delivered straight to their inbox. This could be a ‘how to’ article linked to a product you wish to push, or a blog feature designed to inspire.
It’s important to ensure your customer service and marketing team are aligned, with shared goals for building customer loyalty. Whether by phone, email or live chat, your customers’ contact time with you should feel personalised to their individual needs and journey with your brand. Taking the time to log all customer details in a CRM system is a great way to offer a fully personalised experience, that will make your customers feel valued.
As we’ve seen, a vital part of your marketing strategy should be catering to the relational aspect of customer relations, and making your brand feel like a dedicated allyship to existing customers. They’re often your company’s lifeblood, so make sure their relationship with you extends beyond their first checkout completion, and you’ll both enjoy the value of a win-win situation.
If you want to secure a marketing strategy that goes beyond the transactional, our expert team is here to help 🙌 Get in touch with us now to find out more.