5 reasons why social media presence is important for your business (part 2/5)
Improved brand loyalty
Brand loyalty is the positive association customers attach to a product or brand. Customers that exhibit brand loyalty are devoted to a product or service, which is demonstrated by their repeated purchases despite competitor’s efforts to lure them away. Companies invest a significant amount of money on marketing and customer service to create and maintain brand loyalty for an established product. The internet provides access to thousands of customers, empowered to conduct independent research, and compare competitor's offerings, and can make informed choices.
Once a customer is loyal to a brand, they will purchase the same brand, regardless of convenience or price. These customers have found a product or service that meets their needs, and they are not interested in experimenting with another brand.
Why is brand loyalty important?
Having a loyal customer base can help a business push past its competitors and give it the competitive advantage it needs to succeed in the marketplace. Frequent purchasers of one company’s product or service are less likely to be swayed by marketing messages or competitors, thus increasing the chances that those customers will continue to conduct business with that company. In addition to having higher sales than those without brand loyalty, companies that have successfully established a loyal following can enjoy a growing customer base as well. Loyal customers have the potential to turn into open advocates and brand ambassadors for your company. Satisfaction with a business will drive them to spread brand awareness and refer new customers, effectively providing a company with cost less advertising.
A great method for nurturing brand loyalty is having a rewards program. Many companies entice customers to make a purchase by offering points or a similar object to be redeemed for prizes and rewards.
Top 7 ways to build brand loyalty
1. Engage with your customers - connecting with your users helps you to create a sense of belonging and community.
2. Understand what makes your customers tick - the flood of customers pouring out the back door is partly about lack of engagement. But sometimes, the hole below the waterline is a poor fit between what your customers want and what you're offering. Just ask!
3. Make sure your brand is consistent - your brand wants to feel the same to customers every time they interact with it. They want to have confidence that you’ll deliver on your promises every time.
4. Invest in eye-catching logo design - colours represent your brand’s personality and give a visual expression to the feeling, mood or role your brand is trying to evoke.
5. Focus on what your brand does best - customers are looking to identify with your brand’s mission and core values; to them, what you do is who you are.
6. Make your customers come back - users are more likely to return to sites they have already used in the past and had a successful interaction with, so make sure you are providing excellent service every time.
7. Turn to influencers to promote your brand - influencers, famous or not, will have a close relationship with your brand, receive insider information on what’s coming up, and a chance to influence your product or service development online.
A major part of building your brand loyalty depends on your being able to guarantee your customers will want to return to your site. Once you know what your customers want, and you’re able to provide it for them, they are more than likely to stick to you. Brand loyalty should give you more opportunities to convert, which is the third and next part of this series.
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