Customers Less Loyal – In business, the term loyalty carries a lot of weight. Customers loyalty, on the others hand, is a top concern right now for many companies. Consumer who are loyal to a company or products will choose it again and again because of previous favorable experiences.
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This is the type of loyalty that companies are always looking for in order to maintain their status as markets leader. For a business, customers loyalty plays a critical role in enhancing its brand to greater height.
Some studies show that the probability of selling to an existing customers for a brand is between 60% and 70%, while selling to a new customers is only between 5% and 20%.
With the increased competition & innovation between businesses & organization, business owner find it difficult to keep up with their customers loyalty for a longer period.
Reasons That Can Make Customers Less Loyal
Now that we know for sure how important customers loyalty is, let’s understand a few things that can affect a customer relationship with your brands.
Many brand cannot keep up with customers expectation. The reason is that customer expect a business to always be up to date with customer service in the ever changing ecosystems & lifestyle needs. If a brand fails to do so, it exposes the organizations to the risk of diminishing consumers loyalty.
Lack of unique relevance to customers
Sometimes customer don’t show any emotional attachment to a particular brand if they don’t find it relevant to their need. In this process of keeping a consumers engaged, companies provide repetitive reward & benefit while the other brand also provide the same freebie. As a result, the reward do not differ from the competitor reward. This tends to make the agenda obsolete & unimportant. (Customers Less Loyal)
Not appreciating customers
Customer are the soul of every business. Every business should care for and appreciate its customer. Customers expect your brands to treat them well and to receive outstanding service & treatment. It is mandatory for companies to really meet the expectation of their customer. If customer feel unrecognized during their interaction with the business, the business is sure to fail, even if they have even the slightest chance of retaining customers loyalty. (Customers Less Loyal)
Easy replicability of the product or service
Consumer look for uniqueness in every products or service they use. If a company products lacks a unique selling point, it simply mean that it is copied & accessible at a lower price, and then the company will almost certainly lose a price sensitive consumers to a competitors. As a result, customer loyalty will decrease. Companies really need to offers unique value to differentiate their product from the competition. To survive the competition, companies must works more efficiently to attract the attention of potential buyer in the markets. (Customers Less Loyal)
Lack of consistency
Consistency means building trust. In life too, everyone wants consistency, because without it there is no balance & you cannot trust a certain thing. Also in business, customer are looking for a brand they can trust and not worry about. Inconsistency in branding can lead to poor brand awareness & drive away all loyal customers forever. For brand, it’s imperative to stick to a particular brand voice or quality that they’ve provided from the start. (Customers Less Loyal)
Without a doubt, today organization are neck & neck with each other to stay at the top of their prospect list. The solution lies not only in the point mentioned above or simply in sophisticated marketing campaigns, but goes far beyond all of these. Companies need to have a clear vision & well thought out plan and strategies so that their customers always feel special.