Building Customer Loyalty
Making customer-focused decisions
“A manufacturer is not through with his customer when a sale is completed. He has then only started with his customer.” (Henry Ford)
If you are building a profitable, valuable business, then customers matter most. In times of complex business issues, challenges and shifting conditions, it is worth remembering that the customer is paramount, and the customer’s perception is everything. There is no quick fix for customer loyalty – you will only succeed if the customer sees your product or service as significantly different and offering excellent value for money. If this is accomplished, then the customer will stay loyal, reducing your cost of sales, and be willing to pay a premium price (and so increase your margins).
This toolkit explains how to build customer loyalty.
Length: 13 pages
Contents:
The Benefits
Action Checklist: Building Customer Loyalty
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Use market sensing
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Segment business markets
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Use data mining
Avoiding Problems – this section includes techniques to avoid potential pitfalls such as: engaging with clients and giving them a reason to return; understanding your customers; monitoring competitors; segmenting your markets; ensuring that market research is objective and rigorous and avoiding the hidden traps of decision making.
Key Questions
Dos and Don’ts
Things You Can Do
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Implement a customer relationship management (CRM) system
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Build customer loyalty on-line
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Manage channel conflict
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Develop your presence on-line
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Develop customers’ lifetime value (up-sell and cross-sell)
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Target, attract and retain the right customers
Further Action
Further Information
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