Let’s face it. When you’re a fan of a brand, there’s a certain amount of loyalty that comes with it. You may be up-to-date with the brand’s latest products and news, or even talk about it with your family and friends. When other people hear you rave about products and services, they can become the brand’s next customer or client. A business’ customer base is a powerful asset.
In fact, according to a study conducted by Adobe, repeat customers make up 40% of online shopping revenue. To put this into perspective, these customers only make up for 8% of website visitors. These loyal individuals are also part of the top 10% of a business’ customer base, who spend three times more money on products and services compared to the average customer.
A study conducted by Motista offers similar conclusions when it comes to customer loyalty. A deeper emotional brand connection results in four times the average customer lifetime value. This is an important metric to think about for any business because it has such a profound impact on the bottom line over time.
Your business can even leverage an effective loyalty program through its dedicated customer base. According to research done by Yotpo, about 52% of a business’ loyal customers will join their rewards program. What’s even more compelling is that 39.4% of these customers are willing to spend more money on either a product or a service despite there being less expensive options out there.
That’s why it’s so important to build brand loyalty when it comes to your marketing strategy. Here are our top five tips and tricks on how to increase your brand loyalty.
1. Create a Customer-based Community
Customers are always talking amongst each other when it comes to finding the best deals and products out there. Giving your customers opportunities where they can be social with each other allows your company to be on everyone’s radar. It also provides a plethora of reviews and feedback that can be used to improve your products and services. A customer-based community can come in a variety of methods such as an online forum, a Facebook group, or even a unique Twitter hashtag.
2. Have a Customer Loyalty Program
The exclusivity that comes with a customer loyalty program shows that you care about your loyal clients and puts proven customer retention research to good use. By having a loyalty program with irresistible benefits, your customers will rave about your products and services to others. You can associate a fee with your loyalty program or create a points system. The gamification aspect of this can be a useful tool when it comes to generating more sales. At the end of the day, as long as your customers are happy with the program, then they will stick with it and provide your business with constant social and monetary value.
3. Make Customer Loyalty Programs Mobile-friendly
Did you know that 75% of customers would join loyalty programs if they can access the rewards system information through their mobile phones? According to a study, customers prefer to get information through their mobile phones thanks to the ease of use and access. Mobile applications can help with this, too. Think about the repeat customers that your favourite coffee shop gets on a daily basis because of a mobile-friendly loyalty program. You can achieve the same type of customer loyalty by simply making information accessible to mobile users.
4. Establish an Emotional Connection
Admit it. When you’re loyal to a brand, there’s a certain level of emotional connection that you have with it. It’s only human, after all. Don’t be afraid to leverage this knowledge to increase brand loyalty. There are numerous ways you can do this, such as getting customer testimonials, retweeting photos, or even creating a video with a powerful message in support of a good cause. When customers associate your brand with philanthropic causes that they also support, then their loyalty increases thanks to that emotional connection.
5. Partner Up With Influencers
When you partner up with influencers to market your brand, then the likelihood of customer conversion and brand loyalty increases. This is because influencers are well-loved and trusted within their communities. When influencers genuinely rave about either a product or a service, their fans and supporters will take note. Spreading more awareness about your business by conducting thorough research beforehand and selecting influencers who are relatable is, therefore, a step in the right direction.
The power of brand loyalty is evident when it comes to a successful business marketing strategy. Find Your Audience can help you with various methods that will increase brand loyalty, your customer base, and your bottom line. To work with the Find Your Audience team, you can either give us a call at 647-479-0688 or shoot us an email at email@example.com.