Every company on planet Earth wants a Loyal Customer base. Whether or not you are a Large Multinational company or the local Chipper, Customer Loyalty is what keeps the show on the road. But what is customer loyalty? Loyalty is when a customer chooses one brand over all others based on a variety of reasons, Satisfaction of Product/Service, Sometimes convenience, and nearly always familiarity and comfort with the Brand. Only today I found myself waxing lyrical about my Vet, when I say my Vet, I don’t use him personally for my own healthcare, but my two cats do, and he is fantastic. I am sure there are 1000 incredible animal loving vets in Ireland, but this man puts his heart and soul into his work, is never too busy to fit me in, he remembers the little things that don’t matter but at the same time do matter. I am comfortable that he will do a good job and therefore that translates into Loyalty to his service, price is never an issue and if he told me Gypsy should start eating Sushi id be hand feeding it to him before you could say Chop Sticks.
Comfort is Cash
The thing is Loyalty makes us customers feel comfortable, and when we are comfortable, we tend to spend more. Loyalty is obviously therefore very rewarding financially for companies but it must be earned. Much like Love at first Sight being rare, so is Customer Loyalty in a Single Transaction, this is something which must be won by delivering on what you say you will, and giving the customer an experience they will come back for time and time again.
Now that you have a satisfied and happy customer not only will you get the rewards that their custom brings, but that of their Friends and Family also. An incredible 61% of customers say they would tell Family and Friends about a happy experience, which adds up to a lot of potential future happy loyal customers. But what about when things go wrong? Wont these customers just up and leave? Not necessarily so, customers who speak openly about being happy with your product on Social Media and to their Friends and Family are 3 times more likely to forgive when things do not go to plan.
Loyalty is great, but link that with the knowledge of what motivates your customers and it is priceless, if you can tap into their way of thinking not only will you make gains in revenue but also increase your social media presence as they tell everyone who will listen how much they love you just like I did above about my Vet above (Let me know if you want his details). One of the best examples of this was in the Summer of 2014, John Legend was singing "All Of Me" to loved up Couples, Germany used all of its efficiency and skill to win the World Cup, and Elsa would not "Let it go" as she hung around in the charts despite the rising temperatures. But also at this time as most of you will remember, Coca Cola (who only sold 25 bottles in their first year of business, but that is a whole other conversation) came up with their ingenious marketing idea of putting names of the side of their Cans and bottles in their "Share a Coke" campaign. Before this campaign, if you offered your partner a Can Of Coke as a sign of your love and affection you would of been laughed all the way back to the newsagents to get a refund so the money could be put off that engagement ring that Beyoncé Suggested you purchase Pronto. But not anymore, all of a sudden it was seen as cute, endearing, a genuine way of showing someone you had thought of them.
The knock on effect was incredible, people took to Instagram to show the world their name on the side of their favourite can of Minerals. Sales Jumped from 1.7 to 1.9 Billion Servings per day, 500,000 photos using #shareacoke were shared, and Coca Cola gained a whopping 25 Million Facebook Followers off the back of the Campaign.
By understanding their Audience, knowing the kind of people loyal to their Brand, they not only increased cash coming in but also created a buzz around their brand that is still trending today, 4 years later, that’s a whole World Cup ago, Germany are no longer Champions and now loose to South Korea, just type #shareacoke into Instagram and see for yourself.