When there is a new product on the market and the marketing of the said product, you will acquire new customers. It is simple enough to expand your customer base. But how do you ensure they remain your customers for life? Studies show that acquiring new customers is more expensive than retaining existing ones. So, customer retention plays a vital role in helping your profit margins. It follows that when customers are loyal, they deserve to be appreciated. And in keeping with this line of thinking, the more they are appreciated, the longer they will stay as your brand ambassadors. After all, you have them to thank for your higher profits.
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There are different ways you can show customer appreciation. There is even a customer appreciation day set aside for this. But you don’t need to wait for a single day of the year to focus on our existing customers. Small gestures made throughout the year can let your customers know that their business is valued and can go a long way to show appreciation. This blog will give you a few tips on how to execute customer appreciation without making it mundane or impersonal.
Humanize customer appreciation
A handwritten note to say thank you makes it personal. While times have changed and we resort to technology in our interactions, a simple handwritten note shows that you put thought into it to make it more meaningful. You can create personalized thank you cards or customized emails, even if they are generated out of software!
Mention your customer on social media
It is a win-win to feature your customer on your social media, especially if that promotes their success. Here, it is important to remember that it is more about the customer than you. You will show that you appreciate them for using your product, highlighting how well they are using it.
Send meaningful gifts
You can send your customers a small, thoughtful gift along with their purchase. Make sure you don’t stockpile generic gifts to send to every customer. The way to make it more meaningful is to send unique and relevant gifts based on the primary purchase, which tells you what your customer is looking for.
Implement loyalty programs
There is a reason why loyalty programs help with customer retention. Additionally, it can be done autonomously. It ensures that a one-time buyer turns into a regular customer. A good loyalty program will entice customers with the right rewards to bring them in and still turn a profit, and it must be easy to earn and meaningful to be useful.
Value customer feedback
Businesses that implement a customer-feedback loop often fail to use the feedback. When you send surveys to get feedback, make sure you listen to them actively. The frequent customer will also be vocal about their opinions. You may not be able to implement all suggestions, but you can show that you value their feedback with appropriate responses. It is also the best approach to improving your product or service lines. You can follow it up with a message to the customer saying how their feedback helped.
Personalize your offerings
We are all tired of getting spam mailers on products and dismissing them quite easily. Personalized engagement with customers can make all the difference between spam and brand building. Even something as simple as engaging with customers on their preferred mode of contact will help. Using messaging apps to show appreciation has proven to bring higher customer satisfaction across industries.
Provide proactive experience
Using the data and insights, you get to anticipate customer needs gives you an edge in offering proactive solutions. Moreover, you can prevent customer dissatisfaction by using chatbots to inform the customer of issues ahead of time.
Leverage customer appreciation days
While there may be a designated customer appreciation day, nothing stops you from having your own day or a week when you offer special deals or host an event for loyal customers. It is a way to show that you are focused on your customers 100%.
Offer special thank you discounts.
Among all the marketing messages we get, ‘discounts’ usually get immediate attention. You could offer a special deal for loyal customers with a gift card or money off on their next buy. It can make customers feel they are being singled out for special attention.
Show shared values by supporting causes.
Today’s customer holds firm opinions on nature conservation and political climate. They will relate to brands that espouse causes that show customers that the business is focused on more than just profits. Customers also like to see companies taking a stand on relevant issues of the time, especially diversity and inclusion and climate change. Aligning with customer values shows that you know the pulse of the target demographic and, as a bonus, generate more outstanding goodwill as a brand.
A business that truly understands the meaning of customer loyalty and retention will always find itself on top of the pyramid because they recognize and value its customers, individually and as a demographic. Existing businesses have recognized the value of customer appreciation, and new businesses will be better off starting with a customer-focused culture. It means that building customer loyalty is not only on the customer support or service team. The organization as a whole must be customer-centric, and customer satisfaction must be integral to every business unit. You will see why it is important when you understand the impact it has on your business.
Why is customer appreciation important?
The answer is pretty straightforward. Customer appreciation means improved ROI. Research shows that at least 68% of customers stop doing business because they believe that the company doesn’t care about them. Even a single dissatisfied customer can cause a ripple effect with bad reviews or spreading their bad experience to everyone around, primarily through social media, which is why customer satisfaction is critical. For instance:
Increased satisfaction gets you customer loyalty.
One of the ways to satisfy customers is by showing your appreciation, and that has a direct impact on customer loyalty and retention.
Customer lifetime value
Loyal customers will stay with you when they know their loyalty is valued and appreciated. They will return time and again, spend more, and become integral to your business growth.
Customer appreciation is the best way to stay ahead of the competition, creating a key differentiator. In an increasingly competitive world, businesses that refine their customer appreciation will have the edge over their competitors.
Building brand image
Customer appreciation converts customers into brand ambassadors. They will write favorable reviews on social media and spread the word among their peers to sell your brand. They become the staunchest of allies in building your business reputation.
It is clear that businesses must be dedicated to customer appreciation and show their gratitude to customers as more than a one-time effort. It is critical to continuous growth and earning lifetime loyalty.
Related article: Thank You Note to Your Customers: Best Email Templates and Examples
Creating a customer-centric culture must include regular brainstorming for ideas on how to show your appreciation. This blog contains a few tips and may help trigger more ideas depending on the business niche.
However, underscoring these recommendations is the criticality of ensuring ongoing customer appreciation if you want to stay ahead of your competition. The possibilities are endless and can be designed to cater to all generations, from the Boomers to the Gen Z, as more and more are joining the bandwagon of the digital era.