Want Customer Loyalty? Start Yesterday!

We’ve all heard the statistics—your current customers are far more profitable than new customers. Nearly two-thirds (65%) of brand purchases come from repeat customers. Even a slight increase in customer retention increases overall company profitability exponentially.

But what does it take to create loyal customers who bring such value to the bottom line? Time, commitment, and perseverance. Customer loyalty isn’t something that’s built overnight. It takes a consistent effort over months, even years. If you want loyal customers tomorrow, it’s something you need to start building yesterday.

Loyalty Is Tough to Crack

This process takes commitment, especially since customers can be stingy with their loyalty. According to a recent survey from ShipBob, more than half (55%) of customers say they are loyal to only one to five brands. Less than one-third (31%) are faithful to 6 to 10 brands. If you aren’t already one of those brands and want that loyalty, you must knock someone else off the block. This isn’t easy to do.

• Only 42% of customers say they look forward to trying new brands.
• Less than half (49%) of customers say they are “sometimes” open to trying new brands.
• Nearly one in 10 (8%) say they “never” try new brands or products.

You’ll have to work hard if you’re trying to break into someone else’s loyal relationship. This requires planning, commitment, and tenacity.

How do you get started?

1. Set goals. What does customer loyalty look like to you? Define your goals and put numbers to them. Be specific.
2. Create a marketing plan. What print and digital channels, content, and cadence will be required to engage customers now and over time?
3. Measure your results. Choose the right metrics. Not every metric will give you the insights you need. Pick the right metrics for the proper channels so you can focus on what’s working and do more of it!
4. Stick to it. Prioritizing loyalty does not start and end once you’ve hit specific metrics. It’s a long-term commitment that becomes part of your marketing DNA. Once you’ve built your customer loyalty, you must maintain it (and protect it from competitors).

Need help with setting and planning your customer loyalty goals? Let us help!