Loyalty and the Current Market Climate
Inspiring loyalty in your customers is incredibly important. The customers that come and stay are more profitable than new customers. Learn how to inspire your current customers to remain with you and entice perspectives to try your company and stay for good.
The current market is tumultuous. As businesses batten down the hatches and attempt to prepare for whatever is coming next, the customer you already have is the most important.
We all know that it’s cheaper to keep an existing customer than to recruit a new one. In an environment where many clients are ready to jump ship for something new — whether because it’s cheaper, more exciting, or easier to access — inspiring loyalty becomes a top priority.
How do you create loyalty?
Customer relationships work much like dating relationships in that loyalty is founded on mutual respect and understanding. Remind your customers why your product is special, why your company is inspiring, and why they should keep purchasing from you even when something different or even better might be available.
The largest purchasing group, millennials, love cause-based purchases. They purchase products that align with their moral code.. A few hot button issues to connect your company with might be:
- Language and inclusivity
- Accessibility
- Human trafficking prevention
- Environmental and sustainability issues
- Racial injustice, or
- Climate change
Taking a stance on these types of issues is much more likely to increase your company’s bottom line than pumping extra dollars into generalized social media campaigns or commercials. Think of other companies who inspire this type of loyalty: Patagonia, Apple, JetBlue, Microsoft, Dr Bronners, and even smaller companies like Cupanion.
A few simple ways to take a stance are — move towards one of the 17 UN goals, make a statement about social justice, or even just publicize what you’re already doing. These give customers a visual representation of what you are trying to project as a company.
You could also form key partnerships with other like-minded organizations. Think of a non-profit who meaningfully interacts within your community. Could you form an alliance with them? These types of collaborations broaden impact for all companies involved.
So get out there! Use your influence to make the world a better place, retain your customer base, and share your why. As you make these moves you may find that you need some assistance or inspiration. If you do, Liiingo will be here to help you share your story with the valuable customers you already have, and let others know about what you are doing and who you are.
