The apparent reason to build your customer base to increase how much they’re spending on your business. However, that’s not the only reason. Here, we’re going to look at the importance of not just how many customers you have, but the quality of that relationship. In particular, we’re going to look at how customers could be so much more to you and your business.
It’s easy to see why you want customer loyalty. There are social implications for the business but, even at the root of it, loyalty leads to repeat purchases. It’s a lot easier to convince an existing customer to purchase something than it is to convince a new customer. For that reason, business owners need to focus a little more on customer retention. By merely implementing better customer service and outreach post-purchase, you could see an increase in spending that has a much better ROI.
Another marketing arm
The social implications are, of course, that having a community of customers makes your product or service a much easier sell. The more they are publicly engaging with the business or talking about it to others, the easier it is to convert those leads. For that reason, building a community around your business, especially an online community, is more critical than ever. That social leverage has never been as powerful as it is now.
A leads machine
Combine the word-of-mouth potential of your customers with the loyalty system, and you have the customer referral program. Happy customers might already be happy to recommend your products and services. A little incentivization could be just the push that they need. What’s more, if your rewards are vouchers or deals, then it only encourages them to further repeat transactions with you on top of the new customer.
Sources of insight
You may also be able to learn a lot more from your customer than you might imagine. Beyond market research, they give you the opportunity to inspect how your business handles every level of the customer lifecycle. CRM consulting services have boiled this practice down to a science. You can take a closer look at marketing, outreach, support, post-sales and more to see where you’re losing customers, helping you find where your business can be improved. CRM enables you to spot the problem, and it also provides the metric to show how effective your attempts to fix it are.
Shining examples of success
The success stories of your customers are worth far more than any advertisement or commercial. It provides the third-party proof that many on-the-fence consumers need. To get it, you should take the time to create case studies. More than simply highlighting success stories, you can use case studies to address past failures and how you’re implementing changes to prevent them in the future, too, which is a useful PR tactic.
Hopefully, the points above show that customers can be much more than just customers. More than a revenue stream, they can help with marketing, developing insights, and growing your brand well beyond what even you might have expected. You just need to implement the systems to make the best use of them.
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