Why Brand Loyalty is so Important
Research shows that loyal customers account for roughly 20% of your customer base, and they alone will drive approximately 80% of your business’s revenue. Storytelling can create deeper relationships with your customers, which helps increase both brand loyalty and customer loyalty – two significant factors for your business. Growing brand loyalty and a solid customer base is essential to your business as it allows you to:
Stand Out and Get Recognizable
Your brand needs to be memorable and stand out from your competition to create brand loyalty. Add familiarity to your story or keep your style consistent throughout your branding materials, social media platforms, and visual aspects. The goal is to create something your customers will remember and easily recognize and think of you. For example, most people think of the Starbucks or DunkinDonuts brand or logos when you bring up coffee.
Withstand Changes or Challenges
If you want to be around for the long run, you need to be sustainable. Brand loyalty provides you with this opportunity by shielding you against unpredictable environmental or social changes and obstacles.
Drive Sales and Increase Your Profits
In order for your business to succeed, you need active and involved customers with repeatable business and a long-term vision to continue to increase your brand’s profits.
Tips for Maintaining Brand Loyalty
Discounts or Good Deals
Offering discounts or creating a reward program for your most valuable customers will show them that if they continue to make a purchase or be loyal, you will notice and reward them for the benefits they bring to your company.
Create Good Customer Service or Customer Experiences
Make it easy to communicate with you or someone in the company. This doesn’t mean you need to be available twenty-four seven and respond right away. What this means is to be sure any experience anyone has with your products, services, social media pages, websites, and more is a good experience. For example, if a customer leaves a negative review or submits a support ticket, be sure to respond to it promptly and offer a solution that will turn their experience into a positive one.
Don’t over-complicate your customer service experience or make it too complex for them to understand. Various studies and surveys show that customers will quickly move to the competition and pay a little more or lack a few features to have a better customer service experience, so they feel included in your community rather than just another transaction.
Stay Active on Social Media
It’s important to reply to comments on your social media platforms and build communities that you consistently post to daily. Utilizing hashtags so your audience can easily find you or create live events on your Facebook page or in your group is also a way to stay connected. This will allow your audience to form deep connections, building your brand and reputation.
Overall, brand loyalty is vital if you want to continue to have a long-term successful business. It can help keep you stable and prosperous during any unexpected turns. Give these ideas a try and see how fast your audience engagement grows and benefits your profits.