“The customer is always right!” Heard it before?
While this slogan is largely reserved for the hospitality industry, there’s something to be said for recognizing the inherent value of customer loyalty across all intersections of business. Customer loyalty and retention are fundamental to the long-term success of any enterprise.
But in a world of discounts and “fast fixes,” how do you stand out? How do you indicate to your prospective and current customer base that you’re in it for the long haul? And how do you do it profitably, and with the best interest of the customer in mind?
Build a Strategic Blueprint. Map out their road to success. Bolster various initiatives that help your customers plan, plot, and navigate their business success trajectory. Address key customer acquisition questions, including strategic milestones and established tangible business value.
Create a Holistic View of their Customers. Without a holistic understanding of your customer, you will continue to underperform and miss out on invaluable opportunities to outperform your competition. 360-degree customer insights means that you can make near real-time, impactful business decisions that could dramatically optimize the success of your organization.
Available, 24/7. Half the battle of customer service is anticipating the needs of your clients. One way to safeguard this is by always offering team members/teams available to the needs of your clients at all hours and days of the week. Show them that their needs matter, and that their problems are your problems. In a world of 24-hour accessibility, don’t make yourself an easy target by being MIA while your competitors to swoop in and steal your customers.
Step Up Your Social Media Game. It’s often said that it ‘must not only be done but seen to be done.’ Social media is a soft touch point that allows you to have an online, ongoing relationship with new and old customers. The beauty of social media is that it opens your company up to the opportunity for new business opportunities just by simply sharing engaging content.
Show Your Appreciation. Highlight your appreciation for your customers. Don’t be afraid to offer promotions and discounts. The upfront cost of celebrating their loyalty will not be wasted; and will ultimately generate word of mouth referrals and continued customer loyalty down.
It’s naive to ignore the direct correlation between customer retention, long-term success and operations. While some businesses may be apprehensive to break out of their routine, “customer loyalty” has been and will always the currency of success on all business fronts.
Many are fearful to abandon their legacy models or concerned about the upfront costs associated with a full-scale modernization of their data and analytics technology. While it can be daunting, it is irrefutable that this transition is vital to achieve the above pillars of success.
As a corporation in 2021, there is an unbelievable amount of data available at your fingertips. Don’t waste the opportunity to capitalize on all available and archived data on your customers and personas. In fact, a holistic understanding of your customer base and their needs is an integral part of any business journey. It allows you to look at customer behavior, as well as understand it in real time, at scale or on an individual level.
Don’t shy away from unlocking the potential of your data. Lean in, or be prepared to step out.
The Systech Solutions, Inc. Blog Series is designed to showcase ongoing innovations in the data and analytics space. If you have any suggestions for an upcoming article, or would like to volunteer to be interviewed, please contact Olivia Klayman at oliviak@systechusa.com.
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