Hey there, welcome back to the Six Figure Mastermind. Marianne DeNovellis here. We're
talking customer loyalty and what is customer loyalty, well
how do you know what it is and keep track of it? I've got three key points to
discuss with you, So stay tuned.
Hey, Marianne, this is Randi Soderquist. Just wondering if customer loyalty
changes in a business once I hit a six-figure income and if so, how? So we
talk about customer loyalty all the time but what is it?
What is customer loyalty and and why is it important for you in your
six-figure business? Let's break it down. Customer loyalty is the term used in the
entrepreneurial or the professional world biz professional industry of
business. It's the term used to determine whether or not your customers are going to
come back to you and whether or not they're going to like what you have. And
there's 3 really major points than defining customer loyalty that you want
to be aware of. The first one, is do your customers have repeat business with you?
Now, think about some of the top brands that come to mind. You know,
just thinking about it right now. I think of Apple, I think of Nike, I think
of even some fast food chains. Love Majed and McDonald's it's got great
customer loyalty right? They've got this sign. This is 99 billion burgers served
today. You know something crazy like that. But you've got this thing called repeat
business. if a customer buys an iPhone from Apple and then they go in back and
renew with Apple where they upgrade with Apple. Apple has earned their loyalty.
Meaning that the customer will keep coming back and keep coming back and
keep coming back. Now, Apple"s job is to say, "we like you, we love you as a
customer and we have great products." So there's every reason for you to keep
upgrading with us you know. Think of other companies that want customer
loyalty. Subscription companies and monthly payment plan companies. They are
probably the top of the pile of people that want your loyalty. And sometimes
they'll even bend over backwards for you to get it. You know, think about the
internet subscriber that you have or the cell phone provider that you have.
They know that there are a lot of other options for you to go get service.
Think about your TV, everything. They know that there's competitors out there that
have power for your business. So, it's in their
best interest to create a great experience for you. So you have repeat
business on a monthly basis. So that's the first measure of customer loyalty.
Do you have repeat business. The second measure of customer loyalty is
references. if your customers are loyal, then they are naturally telling their
friends and family about you even if they don't have an incentive. Even if you
haven't offered them anything to promote your business to other people. If
they love you, they're going to recommend you like they would a good movie or a
good book that they just read. And if you're smart in business, you're going to
keep track of that customer reference network. Customer reference network, it's
not just for MLMs. It's not just for multi-level marketing and payout systems
and things like that. When I was really running with my photography business
about a decade ago, I had something called the super moms list. And the super
moms list had a really cool reference network. Where they had the opportunity
to give a $20 gift certificate to whoever they wanted five times a year.
Which meant if they had those certificates going out, I was able to
track on my end, how often those certificates came back which tells me
how often my existing customers are sharing my business with brand-new
customers, okay? So, I didn't have to do a payoff scale. I didn't have to do the MLM
thing. I was just tracking how many of that specific kind of coupon sent out
and came back because it gave me a really good measure of how the word was
spreading about my business. Here's the thing. Words going to spread about your
business no matter what. So make sure it's a good word. Number 3 - customers
can be loyal to a brand or loyal to a distributor of that brand. What I mean by
that is a customer can be loyal to for example, let's go back to Apple. Customer
can be loyal to Apple and their products right? But they can also be loyal to
wherever they're buying those products. So, if I'm buying an Apple iPhone and I
want to buy it from Apple then I'm being loyal to two things. I'm being loyal to
the business and I'm being loyal to the product. However, if I buy an Apple phone
but I buy it on and I always upgrade through Amazon. Then
I'm loyal to two different things. I'm loyal to Apple the product and I'm loyal
to Amazon, the vendor. So why is this important? Your business is a vendor and
is a product. And you want your customers to be loyal to both. You want to
provide a great experience on both ends. On the vending and on the consumption of
your product. So if you want your customers to keep coming back for business
for you, create value on both those ends. Create a great customer service
experience in the shopping arena and have a great quality product that your
customers will share and talk about with their friends in their family. So just to
recap. Customer loyalty breaks down to three basic things. Do your customers
come back to you for repeat business? Do they refer you to their friends and
family? And are they loyal to your brand and your distribution method? When you've
got customer loyalty down to a science, you're going to have repeat business and
it's going to grow exponentially. Okay, so you've got a really clear idea on what
it looks like to have retain customers, repeating customers, customers who share
and love your business. So hit the subscribe button, ring the bell, you'll
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tomorrow.