Long-term business success relies on customer loyalty.
Though one-time purchases will certainly put money in your coffers, it’s the customers who buy from your brand time and time again that will really help you reach your financial goals – and beat out your competitors.
But cultivating loyal customers – and their repeat purchases – is easier said than done. In fact, according to recent data from Facebook, there’s a lot that goes into building a long-term customer relationship, and much of it is pretty intangible.
Let’s take a look at what that means for you.
“Loyalty is Thriving and Rooted in Emotion”
People don’t become long-term, loyal customers with their pocketbook. Sure, they like to save a buck here and there, but to really want to come back for more?
They have to love it.
According to Facebook, people who are loyal to brands “prioritize more emotive and experiential qualities, like trust and service.” That means they don’t just want to get their order fast or get the best deal; they also want to feel like they matter – that the brand they’re doing business with cares about them, prioritizes them and, maybe, even shares some of the same values as them.
So how do you do that?
- Over-deliver – Don’t just meet the bare minimum when it comes to customer service, communication or shipping. Over-do it. Beat your delivery deadlines. Go above and beyond when contacted with a question or order issue. Provide multiple points of contact to make sure customers have what they need at every step of the way.
- Focus on the experience – A great product isn’t enough to cement a long-term relationship. A great experience is. Think holistically, and give your customers a good experience from start to finish.
- Follow-up – Don’t just deliver an order and be done. Follow up, and make sure they were happy with their delivery. Check in, and see if they need anything at Thanksgiving, Christmas, or whatever other holiday. Stay top of mind however you can.
- Tailor – One-size-fits-all doesn’t work for cultivating loyalty. If you want long-term customers, you need to tailor your messaging at every touchpoint you can. Want parents to frequent your restaurant? Make sure they know about your high chairs. Need Millennials to make your hotel hot? Get social, and post about your community service events on Facebook.
Any customer can become a loyal one, but there are some subsets that are a bit harder (and easier) to reach.
Millennials, for example, are actually twice as likely as Baby Boomers to want to be brand-loyal. But unfortunately, there are some serious barriers to making that happen. With grocery stores, they’re 2.5 times more likely to consider a store’s hygiene level as a barrier to loyalty, and with restaurants, a lack of healthy options makes them twice as hard to make a loyal customer. They’re also harder to snag loyalty as a hotel, airline and auto insurer.
High-income earners, on the other hand, are actually an easier get. People who have a household income of $150K or more are actually 32 percent more likely to be brand-loyal. Parents are also more likely to be loyal than non-parents – especially in more experiential product lines, like hotels, airlines, etc.
As I mentioned before, if you’re hoping to snag one of these demos as a loyal customer, just make sure you tailor your efforts toward their needs. Do market research and find out what their hurdles are. Customize your marketing copy, ad campaigns, email newsletters and more, and make sure you’re connecting with them on a personal level.
Loyal = Long-term
Brand loyalty is where the money’s at, so if you’re hoping to see long-term success as a business, invest some time and resources into cultivating a loyal customer base. Both your bottom line and your customers will thank you for it.