Loyalty Is Defined As A Strong Feeling Of Support Or Allegiance.
In business, the best way to engage with your customers is to understand their needs, their ‘lived’ experiences and to give them the best follow up service. In turn, you will get their loyalty.
Saying no doesn’t have to mean the loss of a customer. In fact, telling a customer ‘no’ with great care, clarity, and consideration can save face for everyone involved. Understanding your industry is paramount. The 5 P’s of marketing are controllable, but subject to your internal and external marketing environments.
Combining these different marketing tactics to meet your customers’ needs and wants is known as using a ‘tactical marketing mix‘.
The product refers to all the features, advantages and benefits that your customers can enjoy from buying your goods or services .When marketing your product, you need to think about the key features and benefits your customers want or need.
This refers to your pricing strategy for your products and services and how it will affect your customers. You should identify how much your customers are prepared to pay, how much mark up you need to cater for overheads, your profit margins and payment methods, and other costs.
These are the promotional activities you use to make your customers aware of your products and services, including advertising, sales tactics, promotions and direct marketing.
Place is about getting theproducts to the customer, and includes where a product or service is made, sold or distributed.
When you provide excellent customer service, you create a positive experience for your customers, and in doing so you market your brand to them. In turn, existing customers may spread the word about your excellent service and you can win referrals, creating loyalty.
Your goal is to generate and grow customer loyalty.
Know your customers, analyse your competition, and make changes and improvements that will increase in customer satisfaction. You may create truly loyal customers. For example:
- Change your products or services when market conditions or customer needs change. Don’t assume what worked in the past will work today.
- Focus on quality and customer service. Keep costs low and profit margins reasonable. Customers will pay a fair price- or even a slightly premium price- if they feel the quality and service they receive justify that price (no customer will be loyal if they feel taken advantage of).
- Provide different solutions based on you customer’s needs. One size does not necessarily fit all.
- Make sure all employees have been trained to provide outstanding service.
You want people to buy your product from you because they received outstanding service and the product was delivered functionally and emotionally, not because of the price. As soon as you think you have loyal customers because of your low price, you’ll be on the slippery slope towards losing them. Always ensure that you are actively looking at other ways of enhancing your customer relationships. Just delivering brilliantly on the functional basics will get you gs% there.
Loyal customers spend more, provide free word of mouth promotion and visit more often. Yet small businesses often focus on chasing new customers as a way to improve the bottom line.
Here are a few simple ways to increase loyalty and build profits:
- Make a connection with your customers.
- Challenge your employees and ensure that they always stick to their word.
- Never overpromise and under deliver.
- Anticipate their needs and alert them to new products before they ask the question.
- Invest in the right customers.
- Apologise when things go wrong and follow up with other ways of enhancing your customer relationships.
In almost every market and industry, customer loyalty is the best form of competitive advantage your company can possess for the long-term.
This article is courtesy of our partner Moore Stephens: http://southafrica.moorestephens.com/Home.aspx
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