When devising new business growth strategies, consider the “80/20” rule. Often, 80 percent of revenue comes from just 20 percent of a business’s customers.
As well as being extremely valuable right now, your most loyal customers are also the future of your business – so engaging them and keeping them loyal is crucial.
Here are five ways to do it:
1) Create a loyalty program
Reward customers for renewing contracts, purchasing products and referring new customers. Consider a program that provides free products and services as a reward for repeat business, or allows customers to accumulate redeemable points.
2) Foster a sense of ownership
Are you launching a new service or developing a new product? Invite your most loyal customers to become beta users, and solicit their feedback. This will give your best customers a sense of being a stakeholder in your brand, as well as helping you create a tested offering.
3) Offer premium services
If a small proportion of customers are responsible for most of your revenue, provide them with premium-level customer service. This could be anything from waiving fees and shipping costs, to offering service outside normal business hours.
4) Make them feel special
Exclusive perks let customers know how much you value their business. Let them preview and purchase new offerings before they’re available to the public. Host exclusive events for top customers outside of the office. For a more cost-effective option, profile your best customers in your email marketing campaigns or with social media shout-outs.
5) Reward referrals
Reward customers who recommend your business to friends and business associates with discounts and other rewards. Customer referrals are a powerful tool in new business development, so let current customers know how much you value their recommendations.
By using the tactics outlined above, you can nurture relationships with the most valued segment of your customer base for continued long-lasting growth and success.
Need more online buzz? Make your customers happy and you can be a social media sensation, says Peter Shankman. Join Peter and Vocus for the Nice Brands Finish First webinar on April 17th and learn how! Register here!