76% of consumers believe a company’s customer service is a reflection of how much they value customers. Customer loyalty is a measure of how likely your customers are to do repeat business with you. Repeat buyers are your most valuable customers. Though they may not be big purchasers, it is likely that over time, the revenue from them will top revenue from big one-time buyers. Read more on this blog as I walk you how to get loyal customers in business.
The best example here is KrustyLand in Universal Studios, Hollywood.
The message from this experience is you need to get raving fans that becomes loyal customers in your business. Imagine at Universal Studios, it’s pretty late at night but the place has got thousands of people still spending hundreds of dollars.
That’s because Universal Studios created an incredible content and giving value to an audience for years. When they launched the park, it was pretty much an instant overnight success. They’d done all the hard work before you see they built that content.
How do I get loyal customers in my business?
What you need to do in your business is position yourself as the go to expert with content. Customers got familiar brands that people are used to familiar content. So people go on the rides, and they already know the characters they’re riding. So they enjoy it that little bit more, they get immersed in it a little bit more.
Importance of Customer Loyalty
Loyal and satisfied customers are one of your most powerful marketing tools. positive customer word-of-mouth is essential to attracting new customers in the age of eCommerce and online review websites, . In fact, loyal customers spend 67% more on products and services than new customers. Even though your most loyal customers only make up 20% of your audience, they provide up to 80% of your revenue.
It’s also easier and more cost-effective to retain customers than to acquire new ones, returning customers spend more and buy more often, and refer friends and family.
The bottom line:
customer loyalty = higher profits and business growth