According to an article in the Harvard Business Review \u201cacquiring new customers can cost five times more than satisfying and retaining current customers.\u201d Let that soak in for a minute. A loyal customer\u2019s value is irreplaceable. It\u2019s easier to keep a loyal customer coming back. They are passionate about your product, your business, service, and even the individuals and people behind it. The loyal customers are going to also be your largest advocates and an integral part in marketing. This group of individuals is posting positive reviews, sharing your products on social media, and telling their network as well.<\/p>\n
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Creating Memorable Experiences<\/strong><\/p>\n What is it about your favorite products or brands that keep you coming back?<\/p>\n There\u2019s a local supermarket called Sprouts. The employees are upbeat and friendly. The products are the freshest and most sustainable and the prices are reasonable every time.<\/p>\n Apple users flock in droves for the latest iPhones, iPads, and computers. Why? Because there is an expectation of the latest technological must haves, dedicated staff on site and unparalleled customer support.<\/p>\n Every time you go to your local coffee shop and they greet with you a smile and by name before presenting you your favorite latte. These moments create memorable experiences, everlasting impressions, and keep you wanting to come back and continue to do business with these establishments.<\/p>\n Building Relationships<\/strong><\/p>\n Creating an emotional connection with your merchants is key. Get to know them beyond their storefront or business. Communication is key in building that loyalty and trust. Reach out to your merchants on a daily basis. Pick up the phone and ask them how their day was or what is new in their lives. Send followup emails and describe how you can be of service if they ever need anything else. Let your network know how valuable they are to you and your business as well by sending personalized thank you notes. Remember, feedback is a gift. The more you utilize it and work together to achieve a common goal, the more both parties are successful.<\/p>\n Reward Loyalty<\/strong><\/p>\n Loyal customers are hard to come by. They reward you by doing business with you time and time again and adding to your bottom line. Reciprocate the feeling by rewarding them with incentives such as financial gifts, gift cards, and contests to give your merchants a little extra motivation to the best they can possibly be and drive future business.<\/p>\n The minute a merchant has a bad experience, your business relationship is tarnished. Avoid that sour taste and keep them happy. Whether it is creating memorable experiences, adding a personal touch, or offering a loyalty based program, your most valuable customer is a loyal one.<\/p>\n\n\n With business activities in 50 markets and 150+ currencies around the world, EVO is among the largest fully integrated merchant acquirers and payment processors in the world.<\/p>\n
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