The Tribune

Customer loyalty is vital to the growth and longevity of any business. What is more, about 82 percent of companies agree it is cheaper to retain old customers than acquire new ones.

Some business owners feel their growth and success depends largely on customer acquisition. They latch on to the idea that businesses cannot succeed if they are not adding new customers to their invoices every month. Not so. Your existing customers matter just as much, if not more. The goal is to break through the competition and bond with your audience in a way that encourages their devotion.

What is Customer Loyalty?

Customer loyalty is achieved when customers purchase a product or service from you repeatedly, and without much consideration of your competition. This is typically the result of offering an authentic branding, personalised marketing and excellent customer service.

Why is it Important?

Loyal customers are one of the most valuable assets of any business as they provide a stable revenue stream, ongoing referrals and authentic proof of quality that are the lifeblood of any successful company. According to research, returning customers spend 67 percent more than new customers and, most importantly, customer loyalty is essential for both online and offline businesses.

With this in mind, excellent service can help to create lifelong customers. According to research, about 60 percent will consider switching brands after two to three instances of poor service. To keep loyal customers coming back, here are a few tips:

Know your customers

When contemplating how to build customer loyalty, find the time to understand your clients on a personal level. Listen to them, and build a relationship that shows that you have their best interests at heart.

Customer loyalty programme

Rewarding loyal customers with special sales and discounts, or a simple 'thank you' for their business, goes a long way. Regardless of your preferred strategy, normalise making an effort to make them feel valued.

With this in mind, businesses can implement customer rewards or loyalty programmes that serve as powerful tools for enticing previous customers to return with loyalty vouchers.

Referral Programme

Referral programmes are a must. Give an award to customers when someone they refer makes a purchase.

Create a sense of community

Take advantage of the numerous available social media platforms to create a community for your current, and target, audience. Loyal customers often provide product and service feedback

Customer feedback is equally important, as they then feel their opinions are truly valued. When the customers feel listened to, they begin to have positive connotations with your brand and direct their good experience back at you which, in turn, can lead to more sales in the future. Overall, the silver lining is that these approaches are simple and require only basic attention.

While everyone loves new, and there is nothing wrong with that, I challenge you to bring the same level of excitement to retention that you bring to new sales. Employ that same enthusiasm and treat each of your customers as brand new for, if not, someone else will. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com

About columnist: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach