In the last several years, the business world has undergone several cataclysmic events, not the least of which have been business failures (or near failures) such as Goldman Sachs or Lehman Brothers. While these examples have been giants in their respective industry, there are many other companies, including retail and hospitality enterprises that have suffered and experienced difficulty with customer retention. Given this economic environment, the importance of trust (or lack of it) has become quite noticeable. Without trust, any loyalty marketingprogram can be an uphill climb.
Ironically, when the economic climate is tenuous there are opportunities. What makes some companies survive, even thrive, during a slower economy and others collapse? While there may be several reasons, one way to stay afloat and increase market share is to demonstrate reasons the customers can trust your company and your product(s). Trust yields loyalty and loyalty marketing can capitalize on both.
Since the four fundamentals of growing any business reside in what loyalty market targets such as getting more customers, getting current customers to buy more or more often and for longer periods, as well as increase the kinds of products they buy, customer retention is ever more vital.
Building Trust
Offering products and services of genuine value is paramount to customer retention during hard times. It is equally important to not overpromise or under-deliver. In fact, it is wiser to be forthright about products and ultimately over-deliver instead of the other way around. What’s more, testimonials from enthusiastic customers expand the experience and create greater attraction potential for new customers.
Establishing Loyalty
Honest, clear communications in combination with over-delivery potentiates loyalty. Exciting and robust loyalty marketing programs further the consumer experience for customers, making it pleasant and advantageous for them to do business with you and even expand their relationship with your business.
Further, when a business goes above and beyond the call of duty by offering impeccable customer service, the ground is laid to advance the overall loyalty process. Providing recognized value to the customer along with excellent fulfillment of rewards highlights your reputation in the marketplace. Communicating through both formal channels and informal word-of-mouth/social media strategies can relate an exceptionally positive image, conveying both genuine product value and experiential value as well.
And it’s the experience that is so intricately tied to consumer loyalty. Remember, customer retention is likely to be measured by a product/service ability to successfully meet the consumer’s needs and provide a happy, easy-to-work-with interaction that sustains and boosts loyalty over the long haul.
Kobie Marketing is a fully-integrated, customer loyalty marketing and customer retention agency, providing innovative solutions to customer loyalty and retention challenges.
How To Build Trust Online
