What happened to customer loyalty?
Companies are starting to rely too heavily on Facebook and Google advertising alone. Perhaps they feel it’s easier than doing the hard work of building a community.
We all know, it’s the hard work that brings the greatest rewards. Engaged communities unlock hidden value that will directly benefit your customers and your company. Benefits like sales, referrals, suggestions and support for new products or extensions.
Customers who are part of a loyal community feel heard and understood and get their needs addressed. They get the service expected, while being inspired, educated and entertained. Engaged customers feel involved and get rewards and perks that delight them.
Companies benefit from customer loyalty because loyal customers buy exclusively from them, and they buy more. Loyal customers mean more endorsements and brand ambassadors. They are great early adopters, beta testers and sounding boards. Brand followers will relay constructive criticism and make companies aware of changing trends. Plus, basic economics, it’s at least 25% more profitable to retain an existing client than it is to acquire a new one.
Lead campaigns are important to get people to your front door – but how do you make sure they stick around? Customers are become increasingly fatigued by ads, and soon, that lead generation strategy won’t seem ‘so easy.’ The companies who will succeed, are the ones that took the time to care about the people they serve and build long-term communities. #GrowYourTribe
Acquiring a new customer can cost five times more than retaining an existing customer.Frederick Reichheld of Bain & Company.