Showing Appreciation to Loyal Customers

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  • 0:02 How Do You Create…
  • 1:19 Benefits of a Loyal Customer
  • 1:59 Showing Appreciation
  • 2:52 Offer Benefits & Communicate
  • 3:43 Know Your Clients & Go Beyond
  • 4:38 Lesson Summary
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Lesson Transcript
Instructor: Tara Schofield

Tara has a PhD in Marketing & Management

Keeping your customers happy and having them return again and again is one of the greatest challenges (and opportunities) of a business. This lesson offers some suggestions to show appreciation to loyal customers.

How Do You Create Loyal Customers?

When it comes to customers, there are two basic types of consumers: loyal customers who give your company repeat business and customers who are likely one-time, or infrequent, buyers.

There are several determinants that affect what type of customer you are dealing with. One of the biggest factors is in the type of company you are operating. If you own a car dealership, it is reasonable to think your customer may purchase a car from you but not need another car for several years. They may choose a different make of vehicle for their next car and may not purchase from your dealership.

Likely the most significant factor in creating loyal customers is providing excellent service, creating pro-customer policies, and standing behind your product. Nordstrom is frequently recognized for providing excellent service and having pro-customer policies. If you buy a pair of shoes at Nordstrom and have problems with them, even after what most people would consider a reasonable amount of time, they will gladly exchange them for a new pair. They realize that happy customers become loyal customers. Their prices are not cheap, but they don't focus on cheap products. Rather, they sell the best and stand behind it. This builds confidence with their customers and builds loyalty. In this example, Nordstrom's customers are repeat customers.

Benefits of a Loyal Customer

Let's take a look at some of the benefits for businesses who have loyal customers.

  1. Repeat business. As we've already discussed, loyal customers come back for future purchases.
  2. More profits. While there are some customers who are only driven by a cheap price, most customers are more willing to pay a higher price for excellent service. When a business creates an experience where customers feel respected, appreciated, and special, they will return again and again.
  3. Referrals. Happy, satisfied customers will tell others about your business and be a walking billboard for your company. Word-of-mouth advertising is the most valued and precious marketing your business can get!

Showing Appreciation to Customers

Regardless of what industry you are in, customers are the lifeblood of your business. Let's imagine you have opened an industrial kitchen and want to offer cooking classes to the public. You will likely spend a considerable amount of money marketing your cooking school. Ensuring the students have a good experience is critical for your success. Not only do you want them to return for more classes, you want them to share good reviews of your business when they tell friends and family about their cooking experience. If they are pleased with their classes, they may even bring more people with them next time they come back for more instruction. By taking care of your customers and showing appreciation for their business, you can see your classes grow.

So, how do you create a loyal customer? There are some specific ways to show appreciation to loyal customers. Showing appreciation will help customers feel important to your business. Let's look at some ways you can show appreciation:

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