Customer Loyalty Will Make You Tons Of Cash. Here's How!
You must have spent years in marketing your brand through various services, but do not forget that, the customers you attract from those promotions are not nearly as lucrative as customers you already have. Sorry, but that's true!
Customer loyalty helps you gain tons of cash. How? Take a look –
With a myriad of competing options in a restaurant sector, customers don’t mind trying new flavors in a new restaurant every time. But, if you are able to impress them with your food and customer service at a very first visit, you can definitely convince them to drop at your restaurant again and again.
So exactly how these loyal customers help you generate the revenues? Well, the first thing you should understand is the difference between the repeat customers and loyal customers.
Many restaurant owners make the mistake of thinking repeat customers as the loyal customers. However, repeat customers are those who come to your restaurant and make your business steady; loyal customers may or may not return to you, but they will certainly spread a word about your brand thus helping you to generate tons of cash.
Just imagine, your guest has recommended visiting your restaurant to two of his friends and if they like your outstanding customer service, they will further refer it to more two of them. In short, you are able to fetch at least seven customers from a single loyal customer.
Isn’t it benefiting your business? Of course, it is! Loyal customers have a large impact on your business. Furthermore, studies have proved that loyal customers can increase your profits by 70% and has a 16% higher lifetime value.
Now let’s face this too – things can go wrong even with the best of businesses. There are times when you are unable to deliver as per the customer’s expectations. In such a scenario, loyal customers are the ones who ignore these little hiccups and help you cope up with the unfortunate things. No doubt, investing some time and money in customer loyalty will help your business prosper significantly.
Next thing to think about is how to entice the loyal customers?
To be considered loyal, it should not be enough for a customer to have a great bond or a relationship with the company. It is essential to take certain actions and understand the shopping behaviours of the customer.
A restaurant owner needs to recognize the reason behind why your customer has chosen you. It might be the ambiance, the scrumptious food, service or even the prices of the menu. It is essential to talk with them, maintain a good relationship and then re-target them. If you are able to gather the positive feedbacks wherein work on criticism efficiently, you are bound to be profitable.
Overall, you require focusing on keeping the loyal customers happy and satisfied. Make sure to offer them the best customer service at reasonable prices so that they have a fantastic experience. By acting on customer satisfaction, you will soon see the big return on your investment in the long run.