5 Ways to Build Brand Loyalty in a Competitive Marketplace
Brands devote tons of time and money to attracting new business, but many fall short when it comes to developing initiatives to retain those customers. If you would like to strengthen your business in the New Year, building brand loyalty should be on the top of your list of priorities.
How to Earn Brand Loyalty
1) Fulfill your Brand’s Promise
There’s nothing that drives away customers quicker than false promises. If a brand can’t deliver what it says it will do, consumers will find it elsewhere.
Companies that thrive in today’s competitive marketplace are consistent and dependable. Customers develop loyalty, because they know they will receive exactly what they expect.
2) Focus on Customer Service
Customer service is another key piece of the delight stage of the buyer’s journey. This could include everything from responding to inquiries in a timely manner to offering a series of educational blogs.
Other tips for delighting customers include:
- Allow customers to communicate with a real person
- Create a sense of community
- Admit and correct mistakes promptly
3) Exceed Expectations
Exceeding expectations is a terrific way to develop brand loyalty. Businesses that wow their clientele often win repeat business.
One effective strategy is to under promise and over deliver. For example, tell a customer you will respond within a day but instead get in touch sooner. Although customers get angry when things go wrong, they will also remember when issues are promptly fixed.
4) Offer Incentives
There’s a reason many brands today offer loyalty programs: they work.
After making a sale, the world’s most valuable brands work hard to give customers a reason to return. They use discounts or other incentives, like reward cards, to retain those already interested in their product or service.
5) Show your Appreciation
Although it’s easy to focus on return on investment (ROI), business owners should recognize that customers are people too.
A simple “thank you,” “Happy Holidays” or even “Happy Birthday” is a great way to delight your customers.