In an uncertain world, loyal customers can be counted on to keep coming back, month after month and year after year. This predictable revenue stream allows you to invest in long-term growth initiatives without fear of running out of cash.
- They act as advocates for your business.
They inform people about your brand, helping attract new customers and grow your market share. One of the most practical marketing strategies is also one of the oldest: word of mouth. When people are delighted with a product or service, they naturally want to tell others about it.
- They create value over time.
They become more valuable as customers and advocates as they continue to buy from you. They also provide valuable feedback to help you improve your products and services.
10 Practical Steps to Building Customer Loyalty
Shift your mindset from “sales” to “service and support.” As an Australia Physiotherapist Email Lists entrepreneur, you should persistently look for ways to make your business more valuable to maintain customer satisfaction.
Why? Because the more valuable your business is to them, the more likely they are to remain loyal even when times are tough.
Step 1: Establish a Baseline.
A customer baseline is the average or typical customer in your market. Understanding your customer baseline is important because it helps determine what marketing messages are most likely to resonate with prospects and allows you to track progress over time.
For example, if you’re targeting small businesses, your customer baseline might be companies with fewer than ten employees. As you work to attract new customers, you can track whether you’re succeeding by observing the number of small businesses that become clients.
Similarly, if you’re targeting high-net-worth individuals, your customer baseline might be individuals with a net worth of $1 million or more.
Most businesses spend more time and money acquiring new customers than focusing on their current ones.
The first step to establishing a customer baseline is understanding your customer lifetime value (CLV). This number tells you how much revenue each customer brings throughout their relationship with your business. Once you get your hands on your CLV, you can start working on ways to increase it.