Customer Confidence, Vendor Loyalty & Employee Word-of-Mouth Power
Customer confidence, vendor loyalty and employee word-of-mouth make, or break, your business. The power of communication and “word of mouth” is immeasurable.Whether customers, vendors or employees spread information the old-fashioned way–in person, or over the phone; or whether they do it the new fandangled way through social media–what they say about you and your company matters. Customer confidence, vendor loyalty and employee word-of-mouth impact your business’ success.
A satisfied customer serves as a tremendous brand ambassador. They espouse the value of your products, services, people and brand. A satisfied vendor attracts new customers. And, a dissatisfied employee can ruin any chance of growing your market share. Customer confidence, vendor confidence and employee confidence matter.
Make customer confidence, satisfaction and loyalty top priorities. Confident, satisfied and loyal folks are not only more likely to be loyal to your brand but also more likely to tell friends, family, and others about your company. Satisfaction results in advocates who refer new customers.
Start with the basics: a high-quality product or service, and excellent customer service. Assuming you have mastered the basics, develop a customer loyalty program that offers perks to your customers for doing business with you and not your competitors. Loyalty programs, as the Harvard Business Review reports, save five to 25 times of the costs expended in obtaining new customers versus retaining existing customers.
Effective customer confidence, vendor loyalty and employee word-of-mouth programs are:
- Authentic–Your company’s values are clear.It’s a seamless extension of your brand and represents who you are and what you do best.
- Uncomplicated–The loyalty program should be easy to understand, with simple rules of engagement that encourage participation. Your customers shouldn’t need a Ph.D. in mathematics to figure out your program. When the customer earns 250 points, she gets a $25 Visa gift card.
- Rewarding –“What’s in it for me?” Focus on the recipient. Give what they need: gift cards, store credit, discount vouchers, prizes, or free products.
- Reliable –Allow customers to return and reap rewards over time. You may have other short-term promotions to attract customers, but the main loyalty program should always remain intact.
- Objectives based –Focus on your strategic business objectives. Decide what you want your customers to do and plan your accordingly.
Customer confidence, vendor loyalty & employee word-of-mouth programs massively impact your business’s success. According to Marketing Metrics, improving customer retention rates by just five percent potentially grow profits by95 percent. Original stories, strong identities, telling your stories matter!