Let’s say a customer spends an average of $60 in your store every 3 months. They live in the same place for 20 years. Their lifetime value is $4,800.
Now let’s say, the first time they went into your store they didn’t have a great experience. You didn’t take interest in them, they didn’t feel valued, and you never followed up after they left. You didn’t lose $60, you lost $4,800. (Calculate the lifetime value of your customers here)
That’s why relationship marketing is so important. Relationship marketing is the act of developing customer loyalty and building long-term relationships through interaction and engagement.
IPSY and Caseology excel at forming relationships with their customers. You don’t have to be a monthly subscription service or a phone case company to engage with your customers. Here are a few easy things you can do to create relationships with your customers.
1. Develop an emotional connection.
Brand loyalty is built when your customers feel like you understand and value them. By personalizing your customer’s experience, they’re more likely to return AND they’re more likely to leave you a positive review – which is really important because 81% of shoppers conduct online research before buying!
2. Share exclusive offers and content.
Make your customers feel like they’re part of a special club! Offering them coupons and promotions through an email or on your website encourages them to continue to shop with you. Specials on their birthdays, reward points when they review a product or your brand, and discounts on premium products are great ways to do this!
3. Use technology to your advantage.
Social media is your friend! You can gauge your customers’ perceptions of your brand by what they say on social media. Use these platforms to communicate with your customers and really listen to their feedback. Regular communication with your customers, digitally or otherwise, is the best way to cultivate relationships. By doing so, you’re adding value to your brand.
At the end of the day it’s most important to remember that your customers are humans who want to feel valued. After all, they are why you do what you do!
If you’re looking for guidance to begin building relationships with your customers, contact TAG!