Focus on the customer – the money will follow
When tough economic times are upon us, then customer loyalty is the point of difference that a successful business should be working harder on to ride through the tough times. Customers would rather stay with someone that made them feel special and not necessarily the cheapest person to do business with.
While the customer might be showing restraint with their spending habits, this means you had deliver an experience that is compelling and memorable so they will return again and again. They feel special and can see the benefits.
They want to fully understand your business, inside and out. What are your policies, product information, contact details and key staff etc. The customer is far more informed than ever before, they have a thirst for research before they buy.
For smaller business, this can be good news because relationships count. That’s part of the value of networking and social media. They both build relationships. When you meet someone, ensure that you send them a card, an email or phone them with a follow up – directly and promptly. Make the person feel that they are special and unique. Existing customers want to be loyal because that is the easier path. Your potential customer wants that too.
How do you know if you are engaging with your customers? Measure the number of customer referrals you are getting from satisfied customers. Treat the customer as though they are your only customer and the loyalty will stay, so the money will follow in time.
It’s much easier (and less stressful and less expensive) to invest in customer loyalty and chasing a new customer. Make them absolutely love you!