How to make customers Loyal?

 Loyal customers vs. Satisfy Customers:

 Loyalty is the bond between you/business and your customers. So the question is how to make customers loyal. When he is satisfied with your product or service? my answer is no because loyalty can’t be measured by satisfaction. satisfaction is just a rating scale suppose today your product or service meets customer satisfaction if your competitor meets customer satisfaction then he can move to your competitor I think you wouldn’t call this loyalty. Loyalty is an emotion that can be built strategically. A loyal customer can spread your product Word of mouth Marketing. A loyal customer is not only your customer they became your advertiser they work as a non paid worker you don’t pay them to promote your product or service but yet they to market your brand by Word of Mouth Marketing. If you don’t have a repeat buyer or loyal customer you have to pay more than 7 times to acquire a new customer. Harvard business school says if you can retain 5% of your customer mean you able to convert your customers to loyal customers your profitability can increase to 25% to 95%. Just think about the numbers by retaining 5% of customers gain profit about 95%. You can imagine loyal customers can be a game-changer in your business. Loyalty generates brand awareness, customer engagement, and prospect generation.

Feedback and Forecast:

 If your customer is loyal he won’t leave you and he gives you feedback by analyzing feedbacks you are more able to serve him best. Your planning, Products, Expenses, Reach, Marketing, Budgeting, Accuracy depends on your forecast and customer feedback. Starbucks launched a campaign on the website they ask to give a suggestion, Discussion, Idea, Feedback, Other inputs to improve in services. They want to believe people that how they suggest they will improve their selves as per your suggestion. Then they said which idea or discussion will get more likes, shares, and comments they will implement it with over the periods they able to engage with their customers and they adopt more than 300 ideas from there and implement it. The strategy behind this is the more customer engagement with them they will become their loyal customers.

Point-Based Loyalty: 

you can launch a point-based loyalty program where if a customer buys a product they get a loyalty point which can be redeemable later. Deloitte retail survey said which brands run loyalty programs earn 88% more profit than other brands. It can increase online conversion and in-shop experience. Amazon Prime did it they hook multiple customers with multiple needs who love to shopping they offer free and fast delivery, who loves exclusive and premium products they offer them exclusive deals first they are eligible for this exclusive product than for the other members, and free music and videos from amazon prime.

Customer Referal Program: 

It is a strategy where the customer brings another customer by referring. Like OLA, Uber offers if you share their app and another person signs in you get the next ride for free or your wallet will be credited with money that can be used for another ride. Customer is always ready to bring you another customer but you have to give them a platform and allow them to serve you back.

Data analyzing and engage with emotion:

 In the modern days, you must have analyzed your customer's data to understand them and after amazing them you need to engage with emotion suppose you ran a medicine shop and recently a customer brought medicines for the heart now you know the customer data that this particular customer need this medicine now you have to engage with your customer like you can message then at the time when his medicine is about to end you can just give him a reminder text that your medicine is gonna be finished this small action can create your customers loyally.

Omnichannel strategy: 

It is basically how your customer feels special like if you customers birthday you can call him, Massage him, you can send a cake or you can gift him a special coupon the motive is your customer must say wow or amazing and feels special you have to create a barrier around your customer with a call, SMS, internet, CRM, big data whenever which is possible and suitable serve your customer you have to engage with your customer, have to build post-sale service to support the customer. Here you have to maintain an 80-20 ratio of 80% focused on how your customer specials and 20% sales.

Purchase analyzing: 

You have to analyze your customers buying behavior and then only you can make a customer loyal. You have to know what is the need and what is his buying emotion is he buy on discount or what? First, you have to identify then you have to analyze data and suggest the best service you can if the customer feels happy buying you he might be a loyal customer.

Repurchase rate:

 Today, sales and making loyalty do not only depend on convincing skill also depends on the formula. You able to find a repurchase rate you will understand your loyal customer the formula of repurchase rate is

No of repurchase*100/unique no of purchase

Suppose you have 10000 unique customers and therefore 1000 customer repurchased so your repurchase rate will be 1000*100/10000 is 10%

Now you have data that shows 10% of your customer repurchases and now you have to plan for more customer engagements.