The digital economy today creates an easy switch-off for the customers to purchase what they like. When you already have regular customers but can’t improve your services for them, you will be likely to lose them easily. It is because of a simple reason. It’s because you can not meet their expectations anymore. And it is common in the business that you need more than just a coupon or two to ensure customers remain committed to your company.
A special attention to your repeat and recurring customers is a good step to boost profitability. Providing a frequent incentives is also one of the loyalty programmes which can improve engagement between the products and customers.
It is six to seven times more expensive to acquire new customers than to continue serving loyal customers. Acquiring new customers means catching their eyes with advertisements, providing introductory information about your brand, persuading them with discounts, and encouraging them to try new products.
All of these steps can be costly. On the contrary, if you focus on customer loyalty, it will be much less labor-intensive.
Let’s take a look at customer loyalty in some industries:
A. Customer loyalty in the food and beverage industry
In the food and beverage industry, loyalty starts with the very product. However, that doesn’t mean your work is done when you manage to make a delicious one.
Your success depends on what are you going to do next. Making yourself known is the first step. To survive in this hyper-competitive area, you have to move on to fostering brand loyalty.
Some possible solutions to achieve customer loyalty in the food and beverage industry are pricing strategy and becoming part of your local community.
1. Be part of your local community
Try to address the local community needs and appeal to their taste. Locals love to know that some product is made out of locally-sourced fruits and vegetables.
This will not only result a mutual friendship with other entrepreneurs from your community, but also cause higher appreciation for your work among locals because you are boosting the their economy.
2. Pricing strategy
Going with the highest price will chase away your customers while going with the lowest will cause your business to lose profit. So, how to find the balance that works for both you and your customers? The pricing strategy for your products needs to include considerations about your costs, your competition, and your target audience.
B. Customer loyalty in the fashion industry
Popular brands like Nike and Gucci have die-hard brand-loyal fans. Accessibility, types of brands, and environmental impact are some factors mitigating loyalty in this industry. It would be better if your fashion business use omnichannel marketing strategies to increase its presence across social media platforms. One way to achieve customer loyalty in the fashion industry is by adopting technology integration. Mobile social networking platform that can be updated on the go is one of the solutions you can use to grasp a wider market and getting closer with current customers.
B. 1. Technology integrations to achieve customer loyalty in the fashion industry
Technology integration is an important element which can support the growth of customer loyalty in the business. Many fashion brands provide easy to use applications for mobile devices for their customers. These applications alert users of the arrival of new items, upcoming sales, and exclusive offers.
These apps mostly are integrated with loyalty rewards programs. Here, we have a solution on loyalty reward programs which can support your marketing strategies.
C. Customer loyalty in the electronics industry
Customer loyalty perhaps is the hardest thing to achieve in electronics industries. In this sector, customers switch off easily to find the best price, the latest features, and the best overall experience.
However, it is still possible to achieve customer loyalty in the electronics sector. Take a look at Apple as an example. Crowding people wanted to buy its latest iPhone. Why did it happen? One of the reasons why the product is so successful is due to its integration with a range of other applications, technologies, and services. Thus, the product enhances the day-to-day life of the consumer.
So how to obtain customer loyalty in the electronic industry? Here are some things you can do:
1. Provide a better customer experience engagement
Customer experience impacts all areas of business. There are some ways to provide better customer experience, one of them is by providing value on your product. Making sure your products have a good value would be necessary to improve the customer experience as well as to engage them more with the product itself. In the electronic industry, this means you should integrate your product with other technologies that the consumer already use.
For retailers of consumer electronics, this might mean creating a positive ambiance for your customers. For example, you can transform your store into advice centers and provide a place where consumers can try products before they buy.
2. Make use of customers’ data
The first place to start to increase customer loyalty is by analyzing the customer data you already have. You need to identify why your customers leave you while the others stay. By doing this, you can address issues before customers go to your competitors.
By using the customer data, you also can classify your customers based on purchasing trend, age or other factors. Thus, you can design deals and services that would appeal to them.
Building customer loyalty is an uncertain terrain in any industry. However, customer experience programs are one of the effective ways to differentiate your business from the competition. Being different makes your customers stay with you as they don’t have other alternatives to find what they get from you. WGS is a specialist in software solutions and application delivery & managed services. We can assist you in data analytics and improve your customer loyalty programs to meet your goal. Contact WGS for detailed exploration on customer loyalty for your business.