July 21st, 2015
Why “Old Faithful” Customers Are Your Most Important
Loyal customers not only provide businesses with continual revenue with lower marketing and sales overhead that allow you to operate more profitably. Loyal customers, by definition, are also faithful to their obligations, and they take the payment for the goods and services you provide as seriously as you do. Loyal customers can also provide invaluable information to improve a business.
The loyal customer can provide constructive criticism on current performance, and advice to innovate and improve existing products and services. They can give us ideas for additional products or services with new revenue streams. The loyal customer can also be a source of new business when they share their network of colleagues with us.
Beyond all of the financial reasons to promote customer loyalty, there is the intangible value of the improved culture of a business with many loyal customers. Working where every customer is new, mysterious, unfamiliar, anonymous, and unknown must be full of caution, worry and trepidation of all kinds. Dealing with tried and true, familiar, established and proven customers can relieve much anxiety. The value of a happier and more orderly workplace created by the loyal customer is almost impossible to calculate.
The value of customer loyalty can never be overrated and should be promoted in every way. Whether you are a manufacturer, wholesaler, retailer or installation specialist, there can be no substitute for a loyal customer. Every business owner and each employee needs to be aware of the value of customer loyalty.