The role of marketing today requires the same amount of attention on delighting existing customers as it does on attracting new ones. But how do you achieve your brand loyalty goals? First things first, define them. Success is different to everybody.
Unwavering brand loyalty is your ultimate goal, but that can only be achieved if you’re putting in the work. Before we get into specific tactics for how to achieve brand loyalty, here are ten statistics that really put its importance into perspective.
- It costs five times more to acquire a new customer than it does to retain a returning one.
- Increasing customer retention by just 5% boosts profits by 25% to 95%.
- Repeat customers spend 67% more than new ones.
- A whopping 77% of consumers say they pledged allegiance to specific brands for 10 years or more.
- 81% of customers say that loyalty programs encourage them to keep buying from a brand.
- Over 70% of consumers are more likely to recommend a brand if it has a solid loyalty program.
- Consumers that are loyal to a brand are more likely to refer that brand to their friends and family. We know all how valuable word of mouth marketing is.
- 67% of customers say they will pay more for a great experience.
- 64% of brands reported an increase in loyalty memberships in 2019.
- 77% of brands could disappear and no one would bat an eyelid. (That’s why it’s so important to put an emphasis on building brand loyalty with your consumers)
So What’s Your Plan of Action?
Be reliable: Don’t let your customers down, always aim to deliver consistent and high-quality services and products. They’ll stick with your brand because they know they can count on you for dependable quality, time and time again.
Authenticity is key: As a brand trying to stay relevant in an oversaturated market, you can’t afford to stray from authenticity. Be true to your brand’s ethos on all platforms and don’t waiver, whether that’s your social media or blogs on your website. You can use experiential marketing activations to really showcase what your brand is about.
Make customer service your number one priority: Nobody’s perfect. When something goes wrong, being there for your customer really resonates with them. Customers who have their customer service issues dealt with quickly are also more likely to repeat purchase.
Be responsive, not reactive: While your brand may hit home with your persona, if you’re not responsive to their needs, you can quickly lose that loyalty. Even when a consumer reaches out over a social channel, it’s important to have a follow-up process to reinforce their trust.
Track relevant KPIs: Look beyond the usual suspects and vanity metrics. Track KPIs like active members, spend per visit, churn rate and even reactivated members. When it comes to data, knowing how you can harness that and create better experiences for your consumers can’t be understated.
Provide value: Whether it's through offering educational blog content, loyalty programmes and even just a simple interaction via social media, providing value goes beyond free shopping. It’s about building a relationship with a consumer and giving them exactly what they need, at the right time and place (both online and off).
Make regular follow-ups: Just like checking in after a complaint, make sure you have touchpoints during the onboarding period and after a purchase. Regular polls and emails work just fine. Staying on top of their satisfaction and ensuring their experiences with your brand are positive is essential.
Listen to the customer: According to Microsoft, 77% of consumers say they favour brands that ask for and accept customer feedback, so ensure you make those relevant changes and communicate that back to the consumer.
Personalise, personalise, personalise: This has been a priority for marketers for some time now - long gone are the days of one-size-fits-all messaging. A staggering 74% of marketers have stated that targeted personalisation increases their overall customer engagement rates, which is a fantastic foundation for brand loyalty.
Brand loyalty isn’t instantaneous - there’s no magic word that makes consumers fall in love with your services. In fact, for the majority of consumers, it can take up to four purchases before they consider themselves loyal to a brand. However, you can take a look at our blog here where we’ve given you tips to increase brand loyalty in just 90 days.
Now, with all those loyal consumers, how do you go about measuring their acquisition?
Use Our Campaign Budget Calculator to Achieve Your Brand Loyalty Goals
Do loyal brand advocates always equal revenue? It’s not the easiest to see how loyalty schemes equate to ROI. You can use our handy little budget calculator to justify future branding budgets and optimise to enable your growth.
It’s fast, simple to use and gives you definite figures to take away. Try it out below and let us know what you think.