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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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How to Make Your Business Trip Run Like a Dream

I recently went to Paris on my very first business trip and it wasn’t until I got home and started assessing how it went, that I had the chance to…

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I recently went to Paris on my very first business trip and it wasn’t until I got home and started assessing how it went, that I had the chance to work out what I would do differently next time around. From a business perspective, the trip went just as planned, I wasn’t late for any meetings and I closed the deals that I was looking to close. With that being said, there was many areas of the trip that I could have made better and I wanted to share them with you so that if you are planning a business trip, you can learn from my mistakes.

Airport Transfer

I wish I had booked an airport transfer in Paris because although the flight wasn’t a long one, I was nervous about the meeting the next day and I could have done without trying to negotiate the public transport system upon arrival. Getting straight to the hotel, getting some food and prepping is all I wanted to do so I would recommend that wherever you are heading to, make sure that someone is waiting for you at the airport.

Entertainment

I had no idea how much down time that I would have as I was waiting for meetings or even in my hotel room alone at night and I wish I had planned some entertainment a little better. If you are heading away, take the time to download some movies or games to your electronic devices, it is a great way to switch off and after a day of meetings, you will need it.

Sim Card

One near-fatal error that I made was not realizing that my phone couldn’t accept foreign SIM cards and so I was forced to duck into cafes for their wi-fi whenever I needed to make a call. You should check before you go that your phone is able to accept the local SIM or buy a cheap phone which can, being out of touch when you are in the midst of a business trip is most definitely not recommended.

Day Before

I flew the day before my first business meeting and whilst it worked out alright, I was quickly reminded how fine I had cut it. The flight that went to Paris from London just after mine, was delayed by 9 hours due to mechanical break down, had this been mine, I would have missed my first meeting, not the impression which you want to give prospective clients. If you are booking your flights then I advise you do it 2 days before your first meeting, just to be sure.

Paper Copies

If you are taking important information with you, make sure that you do so in both paper and digital form. Shortly before one of my meetings, my tablet suddenly died and I was forced to ask the receptionist to charge it up for me. I managed to get my information in time but I won’t be running that risk again, print off your info before you go and take it should anything go wrong.

What business trip tips do you have? Feel free to share it with us in the comments section below.

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