What is Loyalty First Marketing?
Loyalty first marketing is understanding the importance of putting your current customers first and gaining new customers second. With box stores taking over and small businesses closing left and right the importance of loyalty during the “COVID era” is something that can make or break your small business. The business model for so many big stores is to give the best deals to new customers but what about the customers who have been loyal to you, what about your current customers, and how do you keep them happy.
What is the Importance of Keeping Current Customers Happy?
Sure, giving new customers a great deal brings in customers, but it does not keep customers. Maintaining a small business depends on maintaining and retaining customers. Having loyal happy customers leads to reduced marketing costs, employees/bosses that are happier to work because they are enjoying the customers they are working with, and an influx of happy loyal customers that are later referred to you by the previous customers. In other words, having happy clients and making clients very happy can lower your marketing costs in the long run because happy clients create loyal clients that eventually will become a raving fan and there is no better marketing than a happy client who raves about his/her amazing experience with you.
Grading Client’s: Which are Worth our Time & Loyalty?
As many business owners find out the hard way not every client is a “good” client. So how do we do which clients are “good” clients or what exactly a “good” client even is? In Season 2 Episode 5 of Barbara Talks Business, the guest, Brian Sly explains the importance of customer grading. Customer grading is exactly what it sounds like in the sense that you grade clients based on how they fit into your business model. It is not all about money, a “good” client could be someone who shares the same values as you, is on a similar mission as you, or is relaying gratitude for your service that makes it pleasurable to serve them. Although timely payment and the amount of money you make from a client can be and likely should be considered when grading your client and deciding if they are an “A” client or a “D” client (one you may choose not to serve) it is certainly not the only thing and may not even be the most important thing either.
Emotional Needs: A Customer’s Journey
Once you have properly graded your clients and decided to whom you should devote your time and energy you can be the most efficient business owner by further getting to know a customer’s needs. Understanding a customer’s needs allows you to be focused on where your customer is on their journey, whether their focus is on the future or the past. Following a customer’s needs and being loyal to their intent allows you the ability to serve them or offer support, making everything clearer when it comes to desirable content for their business and marketing.