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What Drives Customer Loyalty?

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Do you ever wonder what leads customers to like your product or service and ultimately hold loyalty to your brand? It’s probably come up in business conversation often, and for good reason. Customer loyalty is a major key to guaranteeing consistent business, so it’s most companies’ goal to deliver the best product and service to retain customers and earn their loyalty. So, what are the reasons customers decide to be loyal to specific companies and brands? In his recent article, Bill Horvath discusses what drives customer’s value perceptions of companies. If your company’s value perception is high, your customers will be more likely to love your company and spread the positive word.

Horvath states that you should diversify your focus on many customer experience elements (e.g., saving customers’ time) instead of focusing on one or two. When you put emphasis on every customer experience element and have a solid strategy, your customers will have a better perception on your company. Obviously, no company is perfect and you won’t be able to do everything 100% right all of the time, but Horvath says that it’s best to strategize about what the most important customer experience elements are in your specific industry and invest in ones based on how you already compare to your competitors. Finally, Horvath states that no matter what industry you’re in, the most important thing for any company is quality. This includes quality of customer service, quality of product, quality of service, etc. If your company wants to get great reviews and ratings on customer experience, the most important thing you can deliver is a high-quality product and service.

With any strategy, it’s near impossible to know how successful you are without tracking analytics, ratings, and other KPIs. To see your business growth and return on investment for putting effort into improving your customers’ value perception, Horvath says you should be able to find statistics that show correspondence between improvements in your customer experience and revenue growth. This allows you to see the correlation between customer loyalty and your company improvements. 

Customers in the modern era want more from companies than customers in the past. They want to feel like they’re a part of your company, not just patronizing it. They want your company to see them as more than just financial gain. They want you to view them as a valuable piece of the big picture. This enables them to feel like your company is a part of their lives in a more significant way instead of just a place they have to buy things from as a chore. When a customer feels like their experience with your company is fulfilling and valuable, they will be more inclined to come back and develop brand loyalty. Do your best to build up your customer experience and the value perceptions will build as well.

This blog post is based on an article from CustomerThink. To read the entire article, please click the link below:

Thirty Drivers of Value Perceptions, or Why Customers Love Your Company – Bill Horvath

 

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