It’s important to find new leads and bring them through the sales funnel, which will hopefully result in them becoming new customers. However, it’s even more important to retain the already existing customers. It’s easy to get fixated on acquiring new leads, but don’t forget about the customers that are giving you business. Brand loyalty is essential for the long term success of your company, and Rise Local highly recommends allocating time and resources into this marketing strategy.
What Is Brand Loyalty?
The tendency of customers to choose the same brands rather than the competition for a prolonged time is called brand loyalty. Basically, it is the customer’s desire to stay your customer and prefer your products and services over the competition’s products and services. Brand loyalty has a lot to do with the perception of your brand. This ranges from customer experience, to the company’s reputation, and the values and missions. Brand loyalty is a measure of your ability to keep customers coming back for more.
The Importance of Brand Loyalty
Brand loyalty is a stepping stone for continued growth. When you retain your customers, you are keeping your business in motion. If you can’t keep the customers you already have, you will be back at square one. Then, you will have to invest more money in acquiring leads just to keep your business open.
Studies have shown that it actually costs five times more in advertising to attract a new customer than to retain an existing one. Existing clients are also 50% more likely to try other products of yours and spend on them.
When you have built brand loyalty, you have also built some headroom. When you invest your resources on nurturing your customers during the good times, you are building a safety cushion for when times get rough. For example, if a new competitor sneaks up on you, or there’s an economic meltdown, it’s good to know that you have proven your worth and your brand is still sought out by your customers.
Word of Mouth
Although investing in marketing strategies is crucial, there is no stronger marketing technique than word of mouth. Once people start recommending your brand to each other, you have hit a milestone. People trust other people’s recommendations more than the company’s own marketing efforts. Although word of mouth can affect you negatively if they aren’t good recommendations, you can harness the power of social media to make sure it’s working for you and not against you.
Rise Local Can Help
Now that you understand the power of brand loyalty, Rise Local wants to help you accomplish it. Our expert marketing team will help establish trust in your brand, through relevant and informative content, and a welcoming website. Our social media team will manage your profiles and keep you engaged with your customers. This will only make your customer relationships stronger. We will also ensure that your brand is consistent. If you would like to learn more about the ways we can build your brand loyalty, get in touch with us today!