Master-branding your business is an art and a science. Master Brand is all about high-intensity education, exploration, and unstoppable action. The keys to our full library of resources for an entire year, so you can work through Master Brand when and where you need to, at the drop of a hat. You get a Concierge to guide you through the program, while working in accountability groups to keep your momentum moving through the program.
Contact What factors influence customer loyalty?
In business, we often focus on attracting new customers. Remember loyalty should not only be measured in sales; loyal, engaged customers are some of the best brand advocates in the business, acting as ambassadors for your organisation within their social circles.
So, how can we keep customers? In this article, we take a look at how digital impacts customer loyalty and what you can do to improve retention.
These also apply in a B2B environment as well as B2C. You should fiercely understand what it is that your customers want and focus on offering it every single time.
This may take into account a host of different factors: Satisfaction When looked at in isolation, satisfaction can be deceptive.
For example, many carmakers claim customer satisfaction levels in excess of 90 per cent but have repurchase levels that are often less than half that. Elasticity The more commoditised a service is, the more likely it is that customers will move around — whereas if they have had to do a lot of research before investing in your product then they are likely to show faith in that decision.
Marketplace Another key factor is the marketplace itself. What are the opportunities for customers to switch? Is there a lot of competition in the marketplace?
In some industries — such as banking, for example — there are high levels of inertia because of the perceived difficulties in switching. However even the most traditional of sectors are seeing disruption from technology and startups, banking and insurance included.
Meanwhile, younger customers are generally more likely to move around than older customers. Other demographics play a part too: How to gauge customer loyalty Being able to react quickly to apparent dissatisfaction is vital in retaining customer loyalty.
Here, the digital environment plays a huge role. According to research by Digital Marketing Magazine in60 per cent of UK shoppers relied on previous customer feedback: Digital technologies can be the key to quickly spotting a problem and resolving it.
How digital can be used to build customer loyalty There are several ways in which business owners can build trust and loyalty online. Simplicity Make the interactions and way your customers do busy with you are simple and easy as possible. Try and remove as many obstacles as possible from the buying cycle and provide exemplary service while doing so.
Use customer research to find out how your customers want to interact with your organisation and act upon it. Social media Building connections can be easily achieved via social media — it is perhaps the quickest way to understand what people are saying about your company.
In a study in by Deloitte, 75 per cent said that the information they found on social channels influenced their product decisions. Without a social media channel — or one that is suitably managed — you can potentially scare away your consumers.
Online customer service While face-to-face interactions may be disappearing, customers still have plenty to say to businesses — and the fastest way for them to do this is through an online customer service. According to a Loyalty study, 75 per cent of mobile shoppers preferred online chat to speaking with an agent.
Loyalty programs It seems obvious, but loyalty programs help to retain consumers. Use digital platforms to ensure they are implemented properly — perhaps with email coupons and loyalty points for certain actions.
Be warned, make sure the terms and conditions of the program are clear too. Gamification Some of the most innovative customer retention programs take aspects from video games to draw customers into repeat business and building a long last relationship, this might take the form of accruing points to compete on leaderboards as an example.
If you encourage reviews it makes consumers think you care about their opinion and you are confident in the results.International Journal of Business and Social Science Vol.
4 No. 5; May Importance of Brand Awareness and Brand Loyalty in assessing Purchase. Drive engagement, securely transact, and instantly reward employees, members and customers through our bespoke and fully branded loyalty platforms.
The first research model proposes that the five dimensions of consumer-based brand equity; physical quality, staff behaviour, ideal self-congruence, brand identification, and lifestyle-congruence have positive effects on brand loyalty via consumer satisfaction. Dec 13, · Additionally, when millennials make purchase decisions, they’re considering more than the traditional drivers of taste, price and convenience.
This research applies complexity theory to understand the effect of innovation capability and customer experience on reputation and loyalty.
This study investigates the contribution of consumer demographics to such relationships. Social influence measurement site Klout has attracted a lot of attention.
The site tracks social media influence across a range of sites and has generated love, hate and even parody!