Ayodeji Onibalusi says, “To businesses, especially businesses in the B2C segment — loyal customers are more valuable than new customers. Even research has shown that loyal customers are worth up to 10 times the value of their first purchase. This makes it paramount for businesses to improve the number of loyal customers they have versus their one-off customers.

Also, given that the cost of acquiring a new customer is higher than that of maintaining an existing one, building customer loyalty is necessary for any business that aims to remain competitive. When a business has more loyal customers, it has the opportunity to put its marketing cost at a manageable size and spend more on improving the quality of its services and products. This is mainly because loyal customers are more likely to spread your business through word of mouth marketing (WOM), which, like customer reviews, is very critical to customer acquisition.

The following are strategies you can use to improve customer loyalty.

1. Improve on customer experience.

Customer experience ranks as one of the most important tools for increasing loyalty and advocacy. The secret to satisfying your customers lies in providing them with superior customer experience. A study conducted by the White House Office of Consumer Affairs found that 80 percent of consumers in the US are willing to pay more in order to get an improved customer experience”.

4 Strategies to Boost Customer Loyalty

Entrepreneur

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