Startup Growth Series

How To Keep Customers Loyal to You

Credit: Ayo Dawodu.

Ayo is CEO/Co-founder of ​ Loystar – an app that helps brands & businesses easily create loyalty programs. 

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It is time to start paying attention to your current users.

Why?

Because your current customers add MORE value to your business THAN you think.

In fact, it costs you 6 times to acquire new users than it is to keep existing ones.

The SIN of most business is forgetting their current customers.

They designed their business around acquiring customers every time because they do NOT understand the power of keeping their existing users happy.

For example..

They focus solely on customer acquisitions.

Spend a lot on splashy campaigns to acquire new customers each time.

Their customer acquisition cost then goes off the roof, with low customer lifetime value because of churn

To use an analogy..

Acquiring new customers without keeping them is like ​a leaky bucket

And..

If you have a leaking bucket, it is smarter to block the holes.

This way, you can keep more water in the bucket without spending more on the water bill.

So...

How do you do this for your business...and keep customers loyal to you ?

Here are few ideas.

 

1. Deliver Awesome Personal Experiences.

 

The key to long term success as a business owner is to have a direct personal relationship with each customer.

But, you don't need to do this physically.

Emails, phone calls, SMS or even in-app messages are options.

To do this, you can invest in the right customer relationship management (CRM) tools, so that each time your customer is in contact with your business, you make them feel like someone who walks into a store and the storekeeper welcomes by their first name.

2. Do Not Sell Every Time.

It is important that you keep in touch with your customers.

But, do not use the opportunity to sell.

Instead, use it to find out what interests them.

Occasionally send them useful tips and ask if there is anything you can help with.

Genuinely seek to help them.

You don't have to be in the position to help, you only show you care by asking, and that is powerful for making them ​ stick.

3. WoW them. They will WoM you.

Wow your customers.

Those delightful moments mean a lot to them.

They will associate those delightful moments with your brand and share with their family and friends.

By sharing about your brand, this word of mouth (WOM) is eventually going to be a viable customer acquisition channel.

So use that to your advantage.

4. Develop a direct channel to customers (Feedback)

Ask your customers for feed backs.

Their feed backs will show you areas your product needs improvement on.

Along with their feedback comes insights you may never learn if you run business without their inputs.

5. Make Customers to like you.

“Given the choice, people will always spend their time around people they like. When it’s expedient and practical, they’d also rather do business with and buy stuff from people they like”. —​ says Gary V​ .

It's as simple as that.

Always remember that you are at the mercy of customers who like doing business with you.

Part of your goal should be to make your customers like you and keep returning to you for business.

In the next lesson....

In lesson 11, you will learn why it is important to focus on your existing customers. Loyalty of existing customers to you can increase your business by 6 times compared to new ones.

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