A few weeks back we had our favourite business coach, Tricia host us to an insightful lesson. The lesson was about how small businesses can gain customer loyalty. In the face of stiff competition that face businesses, these strategies come in as useful.
It’s common business knowledge that over 90% of new business would not survive their first year.
Now that’s a disturbing statistic, but it’s not all doom and gloom.
At Loystar we believe not losing customers is a powerful competitive advantage. It may sound like unconventional wisdom today, but it’s a battle-tested business strategy that does not fail.
Acquiring Customers Vs Building Customer Loyalty
There are tons of business advice out there that may suggest you go all out to acquire new customers, while this may be the right thing to do, it’s not the right thing to do all of the time. There comes a time a business has to pay some attention to customer retention and this does not have to cost so much, actually, loyalty marketing and customer retention strategies typically cost 5 times less than advertising and customer acquisition strategies. In the video below, Tricia shares from her experience, 8 ways to gain customer loyalty.
Leave us a comment below and we will send the 8 tactics to your email box.
You would also stand a chance to win a copy of SMARKETING’s authored by Tricia.