To run a successful business, you need to have a loyal base of customers. What key factors will determine the loyalty of your patrons?
Whenever you're building a business and trying to guide it from its infancy to full-blown, sustainable success, your primary goal is always the same - you want to build a base of loyal customers. No one strikes it rich just by making a series of one-time sales. The more effective strategy is to get a few loyal people in the fold, keep them coming back and keep the revenue trickling in.
What are the most important factors that lead to customer loyalty? This is the pivotal question.
So what can motivate people to stick around? What are the most important factors that lead to customer loyalty? This is the pivotal question. Figuring this out can be the difference between a momentary "flash in the pan" business success and something truly sustainable.
The "five P's" of marketing
If you're looking to build a successful customer loyalty programme that keeps people engaged, there are a lot of factors to consider. According to the Department of Industry, Innovation and Science, building loyalty often comes down to the "five P's" of marketing:
- Product: Are you selling something that's compelling to your target consumers?
- Price: Are your offerings affordable? Do your prices compare favourably to competitors?
- Promotion: Have you put in the legwork to make people aware of your product?
- Place: Are you located somewhere that people want to go? Do they enjoy your establishment?
- People: Is your staff friendly and accommodating of people's needs?
If you can meet all five of these criteria, you're on your way.
Low prices aren't the only incentive
Conventional wisdom says that price is everything these days. Because people are so savvy about shopping around for the best possible value, it's assumed that being the cheapest seller on the market is more important than all other sales incentives.
The Siteseer cautions that this isn't necessarily true. Low prices are a great way to make one-time sales, but if you care about loyalty, you can't sacrifice quality for cost. This is a surefire way to damage your reputation and hurt your ability to make future sales.
Using a powerful incentives programme
To improve your chances of building customer loyalty and ensuring business success, it makes sense to find a channel partner incentives programme that can help you develop your business strategically and bolster the position of your brand.
At Power2Motivate, we offer an easy-to-use cloud platform that's fully customisable to meet the needs of your business. Talk to us right away about how our solution can help you tap into a far stronger base of loyal customers.