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Grow Customer Loyalty - Know Your Customers’ Why

September 07, 2021

Do you want to achieve faster profit growth and grow customer loyalty? Then you need to know what your customers value, and why.

Did you know…

  • 96% of customers say customer-service is important to their loyalty to a business or brand
  • 73% of businesses with above-average customer experience perform better than their competition
  • 84% of businesses that work to improve their customer experience have higher profits
  • Loyal customers are 5x more likely to buy again, and 4x more likely to recommend the business to a friend
  • Customers will pay 17% more on average to buy from a company with a reputation for great service

 (Source: https://www.forbes.com/sites/blakemorgan/2019/09/24/50-stats-that-prove-the-value-of-customer-experience/?sh=6e3971554ef2

Harvard Business Journal identified 30 factors, called elements of value that explain the “why” behind purchases. The more elements that you provide typically delivers greater the loyalty and better, lasting growth. These elements of value fall into four categories: functional, emotional, life changing and social impact. Consider these elements and categories to identify needs that your product or service fulfills and determine what is most important to your customer.

Elements of Value Categories:

  1. Functional: this includes values like saves time, simplifies, quality and reduces effort.
  2. Emotional: this includes the values of wellness, nostalgia and attractiveness.
  3. Life Changing: this includes values such as membership and motivation.
  4. Social Impact: this involves finding value in solving a challenge via positive change. An example of this value is prevalent with mission-driven Bombas socks and their charity of donating a pair of socks for every pair sold.

Elements of Value Pyramid - HBJGraphic Source: https://hbr.org/2016/09/the-elements-of-value

Here are some tactics to leverage to help identify the elements that are most valued by your customers and why:

  • Research your existing customer base
  • Conduct customer satisfaction surveys
  • Leverage social media to review customer experiences and collect feedback
  • Collect customer feedback after sales
  • Conduct a focus group of your target audience
  • Research your competitors’ strengths and weaknesses

Effective and strategic marketing takes into consideration which elements your particular customers value most and then uses this information to communicate effectively with target audiences, set pricing strategies and develop stronger loyalty programs.

Our team at Flashlight Marketing can help you gain more insight on getting to know your customers and growing your customer loyalty. We can help you understand the WHY and then use those insights to build out a robust marketing strategy that delivers lasting results.

Contact us today to learn more about our services and how we can help you grow customer loyalty faster and smarter.

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