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Why Building Customer Loyalty is a MUST for Small Business Retail Enterprise

Building a small business is no small task. You are required to juggle a lot of tasks and activities. You will define the strategy, execute the strategy, evaluate the business,…

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Building a small business is no small task. You are required to juggle a lot of tasks and activities. You will define the strategy, execute the strategy, evaluate the business, manage the business, do the financial accounting and do every other job you simply can’t afford to outsource. And to top that up, you must build customer loyalty. This is as important as any other business activity you carry out. The PR Newswire estimates that by 2020, the customer loyalty market would be worth 4.0 billion USD. If you think that is too much, think again.

Loyal Customers are the most Important

Research has shown that loyal customers buy more than new customers. A customer who feels a connection with your brand is more likely to purchase more products than a would-be customer. The Gartner Group estimates that 20% of your loyal clients contribute about 80% of your earnings. They will have more willingness to try new products and services from your business than others.

Loyal Customers are cheap to sell to

The average cost to sell to an existing customer is far less than the cost to sell to a new one. An existing customer would be more willing and able than other customers to find a solution to their problem from your self-service portal instead of calling you and requesting personal service. Since they are more knowledgeable about your business, they make it easier to be served, and you know, easier is usually cheaper. Also, they do not require marketing because they already know your brand. It is a win-win to have loyal customers.

Loyal Customers sell for you

When customers like a product or service they tell others. If they are loyal, they tell even more people. For instance, your loyal customers are those who would refer their connections to you when they want the particular service you’re providing. This would also help reduce your marketing cost because you have unofficial and unpaid brand ambassadors. TechOneStop suggests that a satisfied customer shares a good experience with 9 other people. They also say that a dissatisfied customer tells 22 people, so you have to ensure that every customer leaves satisfied.

Loyal Customers eliminate your competition

This Marketing Mentor post explains that loyal customers are less likely to stray towards the competition, as if they are completely happy with you a competitor simply won’t appeal. When customers believe that they get good value for their money from you, they don’t think of going elsewhere. This eliminates the risk of losing customers to your competition.

Once you’ve managed to sort the internal aspects of your business like shop protection, you can finally make the effort to improving customer loyalty. You should know it is directly connected to keeping you in business. It also doubles up as customer engagement which creates a positive connection with the customer.

They are more likely to give useful feedback and suggestions which ultimately help the business. An engaged customer is a gift to your business. You are lucky to have them and not the other way round. So, develop good customer loyalty and see your business grow in leaps and bounds.

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Why Your Business Must Not Overlook Instagram

It is a well-known fact that for any business to truly succeed in today’s world, they must have a strong online profile. The internet is very much the new high…

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Wondering Why Your Business Must Not Overlook Instagram? this post will fill you in...

It is a well-known fact that for any business to truly succeed in today’s world, they must have a strong online profile. The internet is very much the new high street and each year sees more and more consumers hitting the internet to purchase items compared with those who are visiting physical shops. The internet is not only the place where you sell, it is also the place where you can grow your business and your brand.

One such area of your online profile should feature social media and whilst many businesses are highly active on Facebook, they must not overlook the importance of Instagram, and here is why.

Second Best

Facebook is the most used of all of the social media channels and their sister site Instagram is not far behind in second place. A recent study by comScore, internet users in the US alone send just short of 12 billion minutes on Instagram each month, can you really afford to miss out on such a large market?

Purely Visual

We live in a world where content is incredibly disposable and external links and written content can be easy to ignore. Instagram, however, is purely visual and the real Instagram followers that you have i.e. those who are regularly active will be able to only see visual content from your business which means that your message will land in a better way than through links and writing.

High Average Orders

According to Shopify, the average Instagram referral order sits at $65 higher than almost all of its social media counterparts. This means that Instagram users are ready to spend on the things that impress them and if you are offering online sales, this is a tool that you need to be making the most of.

No Filter

Facebook recently began to alter their algorithm so that the news feeds of its users would show things that it considered to be the most relevant. Once the social media channel began doing this, many businesses lost great traction in terms of their organic reach, forcing many of them to pay Facebook for what they had lost by way of ads. Instagram, however, does not do this and you can guarantee that if your Instagram follower is online with regularity, they will see what you are trying to promote.

Mobile Ready

Instagram is very much designed for mobile users and you can see evidence of this in the fact that you are still unable to post things from their desktop site. This is great news for businesses as mobile sales are growing rapidly year on year. As smartphones and other mobile technologies advance, they are in some cases replacing the tasks that we used to do on our desktop and for that reason, mobile-specific sites such as Instagram are the perfect places for you to push your business.

If you are not on Instagram yet, it is time that you were.

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