Brand loyalty is the strength and foundation of business success. A business is 60–70% more likely to sell a product or service to an existing customer, and 65% of a company’s business comes from its existing pool of customers. This is clear in companies like Apple, who have established substantial ‘fanbases’ who will purchase solely their brand of products over a competitor.

If you’re look for a similar style of customer loyalty, read on to find out more.

Perfecting customer service

Achieving great customer service is the cornerstone of building strong customer service. If a brand or company provide you with consistent quality service, you’ll be more likely to stick with them. According to a Yotpo study, 23% of us blame poor customer service for choosing a different brand. This shows that people’s perception is crucial. Often, companies will provide a personal approach in a bid to entice the customer. A prime example is car servicing parts supplier Lookers, whose slogan is ‘For You, For Life’. This indicates that the brand has your best interests at heart by saying ‘for you’ and they want to stick with you throughout your driving life experience — ‘for life’.

Knowing and understanding your customers’ needs and expectations in regards to your business is crucial. Businesses are there to provide a simple service. If they can’t meet a user’s expectations, no matter how high, then they will ultimately look for answers and services elsewhere. Customer service is crucial to gaining a customer’s trust and this helps build loyalty.

Forging trust

Trust is a powerful asset to your company. A survey by InMoment found that more than three-quarters of consumers have held brand-specific relationships for more than a decade, with many choosing the product or service even though there may be a cheaper option available. A customer will often stick with a brand or product because they know what to expect. That trust factor has been built up and enables them to know exactly what they need to. The fear of the unknown is a major reason people would not choose a new brand or service in case they aren’t happy with their choice.

How can a business build trust? Firstly, they must prepare with the customer in mind. This will help to develop a clear client-focused objective and show the customer that a business understands their needs. By appearing to be an expert in their sector, a business can It’s also imperative to be honest. Businesses should not offer a service or product that is not entirely what the customer is expecting. This is a sure-fire way to breaking any level of trust.

Remember the saying: “Trust is the easiest thing in the world to lose, and the hardest thing in the world to get back.”

Utilise nostalgia

Nostalgia is a strength to have, but it isn’t something that will show up quickly. This is because it’s not particularly in the hands of a business and is simply a matter of ease for the customer. This links into the trust factor too, as it’s the fear of the unknown. Many customers stick to what they know, and this can be tracked back to family members, such as parents. Past data in the UK found that the public are, on average, more loyal to our banks than we are our marriage vows! The average Brit stays with their bank for 17 years, while marriage in the UK lasts only 11 years on average. Often, this relationship with a bank begins in childhood as a customer follows the bank account that their parents use.

That ‘feeling of home’ being tied to a brand is intricate, but definitely worth striving for. No matter how far you move away, home comforts can help a customer stick with a brand that is local to them.

Discounts

Existing customers can often feel neglected as a business tries to find new customers. Therefore, discounts and special offers are important to make sure that existing customers feel valued. It may seem hard work to keep them happy, but this is a simple way to show them their worth. In many studies, it has come back that discounts and special offers are in fact the top reason for brand loyalty. This is because rewarding loyalty helps to provide a good experience and is beneficial for both parties, meaning they don’t feel the need to shop around.

Values and expectation will, of course, vary from customer to customer. Therefore, it’s important to regularly conduct customer feedback to ensure that a business can fully understand what it is their customer base is looking for. Doing so will allow them to have the best chance to retain customers in the future.