The Power of Loyalty

The Function of every business is to get and keep customers. Consequently it is also the function of every employee of every business of to do the same .Knowing how to keep existing customers happy is key to a company’s continued success. Studies have also proven that it is much more expensive to attract a new customer to a business than to keep an existing one.

To build a customer loyalty here are six universal points….

1. Create a demanding customer: - Creating one means that if your customers were to go to your competition they would not just expect but demand the same level of service that they get from you. Anything less from the competition reinforces that the customer made the right choice to do business with you.
2. Find out if you are doing a good job:- Your customers are not likely to tell you if there are any problems. Numerous studies have shown that complaining customers do not complain TARP(technical Assistance Research Program ) survey found out that an avg business only hears from 4% of unhappy customers. The other 96% don’t complain at least not to the places they did business. The ultimate goal should be to try & find any problems before the customer complains.
3. Make the customers believe they have taken a good decision:-Educate & reinforce that they have made a good choice. If the company does something different from the competition they should inform the customers about it.
4. Guarantee products & services :- Personally stand behind everything you do. Customers do not do business with a company they do business with people who represent the company. If a customer has a problem and you are the person that received it ;it is the responsibility of the person to see it through. Do not just push it off to someone else. You may not take the finale decision but you are there at the end when it is made.
5. Appreciate the people :- Recognise that there may be others in the buying process that should be made to be feel appreciated. Do not forget to show appreciation for these people as well.
6. Thank your customers :- Do not forget to say thanks … It can be face to face over the phone or via written thank you notes…Customers like to feel appreciated.

These will help you retain customer loyalty and creating moments of magic.

Source : Business World - Ted Lewitt, Marketing professor - Harvard Business School.

Namrata Bahirsheth

PGDBM

Welingkar Institute Of Management Development and Research.