here are plenty of products and services on the market from which your customers could choose to make their purchases. Customers that select your business to purchase goods or services do so because of their overall perceived value of your business. Consequently, your business must produce value that connects to, and positively influences, the customer’s perception. If the customer has a positive perception of your business, they are more likely to make a purchase and promote your services or product, which can translate into future sales.
Like most businesses, I assume that the goal of your marketing strategy is to generate profit and brand awareness; which means it has to identify the right type of customer. From a marketing perspective, there is no better customer than a repeat customer. Considering the cost of maintaining repeat customers is less than gaining new customers, the additional revenue could be used for increasing your business’s competitive advantage. Consequently, building customer satisfaction and loyalty are paramount for retaining customers and increasing revenue.
Meeting and Exceeding Customer Expectations
Most 5-star hotels maintain customer databases detailing the room order choices of their guests. If a guest has asked for a particular beverage to be kept in the mini bar, the next time that guest makes a reservation at the hotel the staff ensures that the beverage is stocked in the room. Such small gestures go a long way in making customers feel important.
It is necessary to interact and communicate with customers on a regular basis if you wish to increase the satisfaction of your customers. In these interactions, it is required to determine the customer’s needs and then act to satisfy those needs accordingly. Even if you offer identical products within a competing market, satisfaction provides high customer retention rates. It’s no secret that retailers offer frequent shopper rewards to increase customer satisfaction. Retailers do this for a reason— because it’s a no brainer if you want customers to come back. Many high-end retailers also provide membership cards and discount benefits so that the customer remains loyal to their business.
Dr. Elijah Clark (May 12, 2023). Building Value and Retention [Web log post]. Retrieved from https://elijahclark.com/building-value-retention/