How to improve business performance through customer loyalty

How to improve business performance through customer loyalty

Do you want to gain more of your customer's wallet share? 

A successful business doesn't just attract new customers – it grows relationships with existing ones. That's why focusing on customer loyalty could be the key to improving outcomes for both you and the people you work with. 

Here are three ways decision makers can boost performance with the help of customer loyalty

1. Know why customers buy from you

The Department of Industry, Innovation and Science has emphasised what we've preached over the years: knowing your customers and why they buy from you is crucial.

Once you have identified both your strengths and weaknesses in terms of providing customers with what they want, you can improve your offering and increase satisfaction. Research by Drake has further shown that increased satisfaction directly improves loyalty, which in turn boosts sales performance.  

2. Emphasise the customer experience

Taking improved customer awareness one step further, you should aim to increase loyalty through better experiences. A study on Australian consumers by American Express found that 73 per cent of people are willing to pay more if they get a better experience.

When you are able to deliver a unique experience your competitors aren't, you are much more likely to retain a loyal customer base that purchases from you regularly. 

3. Implement a customer loyalty program

The benefits of a well-thought out loyalty program are plentiful. As such, businesses can improve their wallet share, increase sales and even boost overall market share. This is because 83 per cent of people say they are more likely to continue purchasing from a brand that offers a customer loyalty program, according to Selfstartr research. 

With the right loyalty program, customers don't just buy a product they want from a brand, but they are rewarded for it as well – something that adds unique value to the experience. 

What now?

There are clear advantages of using some or all of these tools to improve business performance in Australia. After all, aligning your strategies to support better customer loyalty means long-term success as flow on effect for the entire business. 

Are you ready to take the next step forward and benefit from customer loyalty? Then reach out to us at 212°F for advice around effective customer loyalty programs!How to improve business performance through customer loyalty