Customer Loyalty: To Buy Or To Build

Companies worldwide have similar questions in building customer loyalty; is it better to buy or build? To have a clearer answer to that question, we should discover. What is customer loyalty? Customer Loyalty is “an ongoing emotional relationship between you and your customer, manifesting itself by how willing a customer is to engage with and repeatedly purchase from you versus your competitors.”

HOW TO BUY CUSTOMER LOYALTY?

Purchasing Email lists

Organizations usually do this; they go to a big shot company that sells user information and buy a list of emails or contacts. When they do this, they send unsolicited emails to clients, hoping that they will become customers. These companies can record thousands of reaches via their email list in the books. In reality, however, they may have the loyalty of less than a thousand persons.

Loyalty is the byproduct of a customer’s positive experience with you and works to create trust. Therefore, purchasing such intangible goods as Customer Loyalty is next to futile.

The idea of building customer loyalty hardly sits well in the minds of so many company owners. This is because, to a large extent, it almost feels like the company is building another subsidiary with the effort given to building customer loyalty. The truth, however, is that building customer loyalty is hard work. The plan for acquiring new customers must be laid down, and the process for growing organically must be solid.

HOW TO BUILD CUSTOMER LOYALTY?

Sharing Product Samples

This does not seem to be cost-effective for many businesses in many instances. The idea is to create products for profit, not give products for free. However, this enables the user to test products and have the experience that the company promises to offer.

Next to nothing is what it costs a company to set out free services or consultations for consumers. They can arrange for the best if their staff can offer these services to a limited number of people for free.

Open Webinars or Conferences

Thanks to technology, this is easier than it used to be. Companies can now organize virtual events targeted at onboarding new customers and creating sensitization for the same.

This is grueling work, but the perk is that each customer or a group of customers with similar needs can be reached based on their needs, and their trust for the company and brand would grow also. It also helps because the customer begins to trust the business and would choose their products before the one that only bought customer loyalty.

There is a long debate between buying or building customer loyalty—the perks and disadvantages and everything that goes in-between. The choice then is left for the business and the goals they have in mind for growth: their retainment plan and everything in-between.