“My loyalty is partially based on the fact they agree with some of my personal beliefs, in addition to other pragmatic aspects. Such brands/companies are well worth my continued support.”
- A customer
Customers seek or are often presented with range of options that will help in decision making before the purchase. Not all decisions are rational and in fact most customer decisions are emotional.
Hence, branding is a critical part to influence customer decisions and association with a brand is becoming an integral part of how customers buy and who they buy from. Past studies indicate that:
60% of all customers will stop dealing with a company if they sense indifference on the part of salespeople
70% customers will leave a company because of poor or unsatisfactory service, which they usually blame on the salesperson
The vast majority of defecting customers won’t tell you that there’s anything wrong before switching
In fact, 80% describe themselves as “satisfied” or “very satisfied” just before leaving — so surveying isn’t enough, and
Customers who feel the salespeople they deal with are “exceptional”, are 10 to 15 times more likely to remain loyal.
Factors such as dependability, performance and superior quality used to be differentiators in a purchasing decision. These factors are table stakes now and attributes such as corporate responsibility, carbon footprint, etc. have a strong influence on buying decisions.
As difficult as it to win a customer, it is more difficult to retain customers. There have been several studies that have summarized different strategies for building customer loyalty. Here are 4:
keep innovating, stay ahead of the pack
commitment: to the effort and work that you put in to win a customer to retain them
learn continuously from, with your customers to make their lives better
create a need rather than just taking care of your customer’s problems
Running your business with a conscience will not only garner positive working relationships, but will also be an indicator of honesty and integrity to your customers.
At AR2, we believe it is essential to build up this relationship and establish an emotional attachment towards the consumer. But we deploy strategy in a way so that a good mix of logic and emotions exist thereby resulting in more benefits.
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