According to research by the Harvard Business School, “the increase in retention rates of 5% increases profits from 25 to 95%”.
What are the factors that determine the return of a customer?
One bad experience is enough to make us switch brands and, based on research by Kolsky, 67% of average consumers feel the same way. On the flip side, the more positive an experience we have, the more a brand stands out in our mind as a quality product/service provider.
Based on Kolsky’s research, 67% of consumers don’t address the same brand after an unsatisfactory experience. This also applies in the opposite case: with a positive experience, the brand stands out in the mind of the consumer as a supplier of quality products or services. NewVoice found that “50% of consumers would use a company more frequently after a positive customer experience.”
Definition of customer loyalty: when a customer keeps coming back to the same activity to buy a product or service.
Many entrepreneurs, even today, make a serious mistake, which in some cases can even lead to failure: they are in fact obsessed with the search for new customers and are willing to spend huge budgets to achieve their goal. However, as highlighted by some important market research, finding a new customer costs an average of 7 times more than retaining one.
The result? An excessive spending to attract new customers while all studies show that the greatest gains are obtained from loyal customers.
Customer loyalty is a condition that is built over time, with small gestures and daily tools that cost little or nothing. Mainly it is about establishing a relationship of trust, making it literally fall in love with your products or services. So, let’s find out some useful ideas to succeed.
Imagine having a competitor who works right in front of you. It is limited to welcoming the customer and serving him, while you do one more thing: give him a small gift, maybe useful as a pen or a key ring. With the same service, which store will the customer choose next time? Naturally yours, simply because it will be felt precious and for this reason you will be unconsciously grateful.
This applies to every type of business reality, from the small shop to the big brand: your customers always love feeling appreciated.
Discover what fascinates your customers and try to surprise them, with fashion accessories, like personalized watches, to make them feel unique and exclusive.
A loyal customer is a consumer who is repeatedly invited to confirm his choice of purchase with the same seller. Do not forget it and you will have already earned much more than what you imagine.