Customer is king, and will always sit on the throne. Retaining the trust and loyalty of your customers is the key to accelerating growth, profitability and sustainability.
Research by Harvard Business Review shows that increasing the customer satisfaction by just 5% can skyrocket profits up to 95%. The study also demonstrated that it can cost more than five times to acquire a new customer as opposed to retaining an existing one.
So how do you create a competitive culture in your company that revolves around the wants and needs of your customers?
1) Think Beyond Deals and Discounts
The first thing that businesses must understand is that times have changed and customer loyalty cannot be bought through deals and discounts anymore. They’re just a short-term fix that only lasts till you wake up tomorrow and watch your competitors undercut your prices and drive you out of business.
For instance, if a brand sells low-quality items at cheaper rates, they might get a boost in sales over a month, but they will eventually lose customers to frequent returns and competitors that value quality over quantity.
2) Comprehensive Training Programs For Employees
You must train your employees to genuinely appreciate and respect the power that customers hold for your business, or any business as a matter of fact. Customer satisfaction through exceptional service should always be the priority for your company, and it cannot be achieved without arming your employees with the right set of skills and motivation.
Moreover, it is important to always review the working environment for your employees as well to make sure that they are not dissatisfied because that unhappiness will eventually translate to poor service towards customers.
3) Create a Customer-Oriented Experience and Environment
Consumers always appreciate an environment that values them and fulfils their needs. They value it all the more when the help comes from humans instead of automation and AI.
Interactions with staff members can last a long time in a customer’s head and turn window shoppers into loyal purchasers.
It is highly important for a brand to establish and maintain personal connections with their customers if they want lifelong loyalists. Think Rolex and Rolls-Royce!
4) Effective and Multiple Feedback Loops
If your business is not open to suggestions and feedback from customers, the ship is already going underwater. Seek regular feedback from customers about their experience in your store or website as well as what improvements they would like to see in the future. These insights can help you review the culture that your business reflects on the customers and help you go the extra mile to make changes as and when necessary.
Furthermore, when customers see companies actively acting on their feedback, they feel valued and pledge their loyalty to your brand while also bringing in more business through referrals and glowing reviews.
5) Collect and Display Testimonials Like There’s No Tomorrow
The first thing a potential customer does upon browsing a product or service is scroll down to read reviews to add a sense of belief. As a rule of thumb, proudly and prominently plaster testimonials and positive feedback over your website and store so that customers browse with a sense of security and proof.
User generated content(UGC) such as photos, videos and shorts during reviews also help establish credibility, authenticity and reliability in the minds of your potential customers.
