Tag: employee satisfaction

Categories
HR & People Management

4 Ways to Build Customer Loyalty Naturally!

Employee Loyalty

Customer loyalty is important! Today, many organizations have separate departments dedicated to brand and customer loyalty. Why? Customer retention is more profitable than customer acquisition.

  • A study by Harvard Business School revealed that new customers cost 20-40% more to gain than old customers are to retain
  • According to a survey conducted by Gartner 80% of your future revenue comes from 20% of your existing customers.
  • Repeat customers are more likely to spend twice as much as their original expenditure after they have been a customer for more than two years a Harvard Business School research revealed.

While most small business owners (entrepreneurs or solopreneurs) focus on attracting new customers, the key to increase business sales lies in retaining the existing customers.

If you too want to create a large database of repeated customers, follow these tips that will help you to create customer loyalty towards your brand:

  1. Build Your Product As Awesome As Humanly Possible

A business is built around a product. Your customers purchase that product. And you market the product. This proves that a product is a BIG DEAL! It is the foundation of any business.

Retaining customers will be an impossible task if the product you have built is not top-notch. You can always improve your products, but you must offer the best you possibly can.

  1. Give your customers Love, Attention & Care

Customer service is as important as the product. It can be vital for the health of a business, depending on your specific industry. It is a concept that should be integrated into every facet of the business. From product design to marketing strategies, everything should be created with a customer-centric approach.

Some customers care more about how they feel like a customer than how your product performs.

  1. Customer Loyalty Programs

According to a survey by Harvard Business School, online loyalty programs are stronger online than brick-and-mortar loyalty programs.

One of the most brilliant customer loyalty programs is the Amazon Prime membership. It is a subscription-based service with annual fee offers.  It offers its subscribers free-shipping and streaming capabilities through Prime Video. The program had proved to be a great success for Amazon.

  1. Unique Experience for Customers to make them feel special

Every customer wants more than just a product in return for a purchase. However, offering customers a unique experience sometimes requires more than just discounts alone.

Starbucks offers its customers a unique experience by providing their coffee in a mug with their names on it. It also provides its customers with one of the most successful mobile apps ever. The Starbucks app is used by around 23.4 million people. (source: https://www.adweek.com/performance-marketing/the-most-popular-mobile-payment-app-isnt-apple-pay-its-starbucks/)

Just like business success, customer retention is more about a mindset. Creating great products is also a mindset. The existing customers are like a gold mine if only we realize how invaluable they are for the business. To apply these tips and see your customers become loyal towards your brand.

Adopt the mindset of a customer retention master with our Everything about Entrepreneurship course. To know more about this course and how it can help you, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Business motivation

3 Ideas to Keep Your Employees Engaged and Motivated

Business Guidance By Multi-millionaires On Starting-Up!
Business Guidance By Multi-millionaires On Starting-Up!

One of the valuable skills you can sharpen as a business manager or an entrepreneur is the ability to engage the people you employ. If you hire the right people and manage them well, you will have an excellent workforce that is characterised by brilliant performance and growth.

However, if employees are not happy with you, the company might have an unwelcome turnover. The business will also be in a constant state of chaos. Here are some ideas to keep your employees motivated.

Empower the Individual

Every employee deserves to be valued as an individual. No one wants to be a faceless pawn in the company. Thus, the employer should motivate every employee individually. This will encourage them to perform better and they will give their best in every assignment.

Develop a Positive Environment in the Workplace

Most of the employees spend the majority of their waking hours at the office. Hence, the workplace should be a place with a happy environment. Employees should be encouraged to share their knowledge with everyone, including managers. Employees also need to be encouraged to accept their mistakes without fear of humiliation.

Provide Supportive Leadership

Leadership is not only about giving tasks but also motivating employees. Supportive managers work closely with the employees. Good leaders serve as role models. Hence, they should also take accountability if the team does something wrong. While big wins are important, leaders should also celebrate mini-milestones of employees in their day-to-day lives.