Brand loyalty: 11 simple ways to boost profitability

//Brand loyalty: 11 simple ways to boost profitability

Brand loyalty: 11 simple ways to boost profitability

Do you invest a lot of time and energy in trying to find new customers?

Of course. Who doesn’t want to grow their customer base?

Right. But research shows that 80% of your future profits will come from just 20% of your existing customers.

That means that your strongest source of revenue is in fact, likely sitting right under your nose.

And not only that, these customers are easier to engage with because people are far more responsive to brands they’re already familiar with.

Source: www.retentionscience.com

Positive brand experiences drive growth

So, while you should of course keep building your audience – it’s crucial that your marketing strategy also includes a strong brand loyalty component. A targeted plan of actions that keep customers coming back for more and create raving fans who happily spread the word about you.

Think about the last time you were really impressed by a business or brand. You probably went on to buy more from them, and more than likely told friends and family about your positive experience.

To build profitable brand loyalty into your business, you need to consciously cultivate a ‘wow’ factor. Deliver more than you promised and provide additional, unexpected value. Going that extra mile really will keep people coming back and get them talking about you.

And in our current uncertain climate, brand loyalty and word-of-mouth referrals are more important than ever for driving business growth.

Source: www.retentionscience.com

Brand loyalty boosts profitability

So, how can you nurture profitable brand loyalty in your business?

We’ve picked out 11 of our favourite (simple!) tried and tested ways to get you started:

1. Offer outstanding customer service at every touch point, always go that extra mile
2. Regularly chat with your customers on social media – be friendly and engaging
3. Be generous and include free samples of new products with orders
4. Send a personalised, hand-written thank you note
5. Start a reward or loyalty scheme (or friend referral programme)
6. Email existing customers an advance preview of new product/service launches (and maybe a cheeky discount too!)
7. If you’re a service provider, check in with clients to see how they’re getting on – be helpful
8. Ask customers for their opinion on new products/services that you’re developing
9. Tell your customers how their feedback was implemented – people love to feel  involved
10. Provide a surprise upgrade or bonus for free
11. Pop a postcard with a special discount code in with product orders

Brands who are nailing the wow factor

The beauty of being a small business is that you can make up your own rules. You can be agile, flexible and delight customers in unexpected ways that help you build loyalty and stand out from the crowd.

Lots of brands are doing amazing things in this area, but here are three that we think are nailing it right now:

Patch Plants:

Online houseplant delivery business Patch Plants offer a fantastic friend referral programme: Refer a friend, and both of you get a free plant when your friend places their first order (over £50).

This is the icing on the cake when you’ve browsed through their website packed with helpful plant advice, tips and guidance to help you choose the right plants for you. Search categories like ‘Unkillable indoor plants’ are also awesome and add a welcome touch of humour!

A definite 10 out 10 on the customer experience wow factor.

And how did I hear about Patch Plants? Through a friend sharing how brilliant they are on Instagram.

Scrubbingtons:

Foam-tastic kid’s washing products brand Scrubbingtons, never fail to impress.

Not only are their products and customer service outstanding, they also offer a free rewards programme. Customers collect points each time they buy products, these can then be redeemed against future purchases once they reach a certain value. A simple yet effective way to build brand loyalty. And I think quite unexpected for a small business.

‘It’s our way of saying a big “thanks” for being such an outstanding customer!’ Nicely done Scrubbingtons!

Full marks.

Evolve Beauty:

Organic skincare brand Evolve Beauty recently offered customers a super-sized product for the price of a regular one. What a fabulous and timely bonus!

120ml for the price of 60ml on some of their beauty favourites. Such a kind gesture to help their customers enjoy some self-care during this turbulent time.

Evolve Beauty always offer gorgeous products, amazing customer service and prompt delivery. This added generosity fits their brand perfectly.

Top work.

 

Do you have a brand loyalty question? Perhaps you’re looking to create something unique for your own business. Get in touch – we’re always happy to help.

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[Blog illustrations by the super-talented and all-round awesome Chloe’s Office].