Acquiring new customers is always going to be a top priority for your business — and it should be. But all too often, businesses forget that a customer’s first purchase is just the beginning of what could, and should, be a long and lasting relationship.
It’s common knowledge that it costs less to retain a customer than to acquire a new one, but did you know repeat customers spend an average of 67% more than new ones? Plus, repeat customers are much more likely to recommend your business to future customers. It’s a win-win cycle.
It’s clear that customer retention is key to business success. But, how can a business strengthen its customer loyalty in a world where consumers have more options than ever before?
Get to know your customers
There are several essentials to establishing customer retention and loyalty, such as providing unparalleled customer service, creating a memorable experience, and anticipating customer concerns. But in today’s modern age, even more can be done to ensure your customers are happy. Technology solutions have created an unprecedented opportunity for you to get to know more about your customers and what makes them tick.
To increase customer loyalty, start by finding out who your top customers are. This might seem like an impossible task, but it’s not. Womply Customer Directory automatically populates a rich database of all your customers, including your top 100 patrons. At a glance, you’ll be able to see if a customer is new, loyal, or in need of a nudge to come back to your business. You can import customer lists or let Customer Directory automatically create a customer profile every time someone transacts with your business.
Understand your local market
If you know who your customers are, you’re already doing better than most small businesses. To take the next step, learn how shifts in consumer spending locally impacts your company.
You don’t need to invest in expensive market research. Womply Customer Pulse allows you to see where customers are spending money in your market at a glance. Customer Pulse collects and analyzes credit card data from millions of businesses, giving you an inside peek into consumer behavior throughout your area.
What does this mean for customer loyalty? First, you can get better visibility into how much of your revenue comes from new or repeat visitors. Armed with that information, you can strategically tailor your marketing and advertising efforts to keep customers coming back.
You can also use this information to set up a loyalty program. Having access to this treasure trove of customer information gives you an opportunity to keep your customers happy, which means they’ll keep shopping and will be more likely to recommend your business to others.
Listen to your customers
Understanding who your customers are and what they want from your business doesn’t start and end with knowing their spending habits. There are ways you can learn what they love and what they dislike about your business. Monitoring online reviews is one of the best ways to really get to know what your customers are thinking.
Instead of shying away from online reviews or, worse, ignoring them altogether, take a proactive approach and actively monitor and respond to reviews. You can even go one step further by asking your customers to submit reviews.
This tactic is one of the best ways you can show them you’re listening and truly care about improving their experience, which develops trust and leads to brand loyalty. In fact, research shows that 70% of consumers will leave a review if asked, and 97% of consumers will become more loyal to a company that implements their feedback.
If you’re like many small businesses, taking control of online reviews may seem like a tedious, time-consuming process. This is exactly why Womply created Get Reviews. This simple yet powerful tool automatically asks your customers to rate your business from 1-5 stars and then encourages happy customers to post their reviews online, and less happy customers to send you direct feedback. It helps you reap the benefits of positive online reviews and keep more negative feedback off the Internet.
Today’s consumers want, and expect, businesses to pay attention to their needs. Whether it’s rewarding your top customers or listening to their feedback, your business will improve customer loyalty when you demonstrate commitment to your customers. If you want to see how Womply can help you stay on top of it all, request a demo.