We’ve all heard of the Golden Rule: Treat others how you would like to be treated, but how about the Platinum Rule: Treat others how they want to be treated. When put into practice, this simple rule enables business owners to experience the benefits of customer loyalty.
How do customers want to be treated? Though there is no simple equation to individual customer satisfaction, several factors contribute to customer loyalty, including:
- Receiving a consistent product and reliable customer service
- Recognition (by name) and remembering order preferences
- Rewarding loyalty with special offers and discounts
Keeping your customers happy and coming back all boils down to quality and the perceived experience/ interactions while visiting your location. This is why, in addition to focusing on your “external” customers, it is also important to maintain your “internal” customers: your employees. A crew of friendly (consistent) faces, who love to do their job well, is key in attracting and keeping business. Building strong relationships with customers encourages a mutual loyalty between customers and employees.
While the benefits of loyal customers seem obvious, there are other advantages too:
- Loyal customers tend to be less price sensitive
- They are more understanding about mistakes
- They endorse your business and bring increased awareness
Word of mouth travels quickly and it is priceless. Which would you trust: A promotional ad or your best friend raving about something you just have to try? So, go ahead, give them something to talk about and keep them coming back for more!
