Have you ever wondered why some businesses may set up shop
in areas that might not be very conducive to business and
do quite well, while others are placed at major
thoroughfares where walk by and drive by traffic are all
but guaranteed, yet within six months they fold and the
place goes up for lease or sale? The truth of the matter is
that success is not always determined by your location –
although it does play a vital role – but more often than
not it is dictated by customer loyalty.
Here are four reasons customer loyalty is vital to your
business:
1. First and foremost is the fact that a loyal customer is
a repeat customer. This person will know about your
business practices, about what to expect from your goods or
service, the advantages and the disadvantages, and she or
he will do business with you in such a way that it is a
mutually satisfying transaction.
2. As you establish a relationship with your customer, you
are also establishing a relationship with the customer’s
family. Thus, it is not uncommon to have the wife bring in
the dry cleaning for the family and turns her mother,
mother in law, aunt, and best girlfriend on to your
business. As the husband is sent one day to pick up the dry
cleaning he becomes familiar with the business, and he will
tell his brother, business associates, and others who are
looking for a dry cleaner. Thus, you are suddenly becoming
a commodity which is being shared with others.
3. While family referrals are great, business referrals are
even better. If you are a dry cleaner, you will want the
dress maker down the street to recommend your services to
its customers. Similarly, if there is bridal shop with
which you may have some professional ties, then these
business referrals are simply priceless! Customer loyalties
– when you have other business owners or clerks shopping at
your store or utilizing your service – are quite often the
gateway to a great number of new walk in customers.
4. Yet the fourth and perhaps most important reasons why
customer loyalty is vital to your business rests in the
fact that many major purchases are not made during the
initial contact. For example, if you are a furniture store,
you might have someone come in looking for a computer desk.
While these may be expensive – depending on the materials –
by and large these items are small fish. Yet if the
consumer is satisfied with the product, the delivery, the
setup and also the price, the odds are good that she or he
will be back when it is time to furnish the nursery, buy
that new wall unit, or acquire that bedroom set that was
saved up for!
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