Your customer base is the key to the success of your business. Expanding your business outreach is important. However, maintaining your customer base does not become less important. In fact, businesses that manage to grow big are the ones that make sure to nurture their customer base.
Benefits of Nurturing the Customer Base
Why do people need to make an effort to maintain their customer base and even nurture the relationship even further? There are some benefits that your business will gain from employing this strategy:
1. Long-time customers are willing to spend more
The business should never fear losing revenue if they have a stable customer base. A loyal customer will continue to purchase products from your brand because they are used to it. Additionally, they are more willing to spend extra money for you and even try your new ventures.
2. They are likely to refer you to others
Having a loyal customer base will help you develop your outreach too. A well-nurtured customer is likely going to recommend your business to their acquaintances who have the same needs as them. This promotion method is actually more effective than other methods. It is because the new person will trust the customer more.
3. Loyal customers provide valuable feedback
Long-term customers want to see your business thrive more than other people. They will provide you valuable feedback that you can use to develop your business even further. These customers will be less likely to hold back when providing you the suggestions.
The result of this feedback to the business is spectacular. A company that nurtures its customer base tends to offer more stable product and service qualities. Additionally, it is also likelier to create innovations within the industry.
4. Increasing the business competitive value
Your business has an increased competitive value if your loyal customer base expands. The nurtured customers are less likely to purchase products from your competitors. Additionally, the general public tends to trust a business that already has a significant number of returning customers.
5. More loyal employees
A business that has a nurtured customer base will have a good working environment. This is especially palpable in small-scale businesses. Interaction with customers will become more pleasant for the workers. This condition leads to better employee retention as well as a fun work environment.
5 Tips to Nurture the Customer Base
Nurturing customers is not easy. You need to employ several strategies at once. Here are some tips to keep your loyal customers around:
1. Knowing the customer well
You cannot maintain your customer base if you do not know about them at all. Showing that you really know your customers will make them feel special and cared for. They will spend more money on your business if they feel cared for.
You can do to identify your customer base according to the following information:
- The age demographics of your customers
- The preferences of your customers (reflected in the most popular product)
- The frequency of customers’ purchases
- The price range of the most popular products in your business
2. Nurturing through email
You can also encourage your customers to subscribe to the email newsletter of your business. These emails may contain promotions or other new programs that the business offers. It helps you connect with your customers better.
However, you need to tailor the email according to your brand’s standards. You also need to address the main demographics of your customer appropriately. Lastly, it is necessary to avoid spamming customers with your emails.
3. Interacting with customers on social media
Social media is a great tool to maintain your customer base too. You can suggest your loyal customers follow the business’s social media accounts. Some companies even offer one-time benefits to customers who recently follow their accounts for encouragement.
On the social media account, you need to create frequent interaction with the customers. Customers will prefer personalized replies to the template ones. Depending on your business scale, you might want to hire a social media officer.
4. Providing rewards for loyal customers
Another way to nurture customers is by providing rewards for the most loyal customers. You can create a certain point system that customers need to fulfill before receiving the rewards. Such programs have proven to be successful in various industries.
Here are some examples of successful customer loyalty programs:
- Birthday gifts for loyal customers
- A box containing special products only for loyal customers
- Annual discount only for long-term customers
- Charity rewards
5. Requesting feedback and paying attention to them
Asking for feedback from your loyal customers is also one way to nurture them. However, you should not ask for feedback just for the sake of asking. You need to pay attention to their feedback. Moreover, there needs to be a commitment to improving in that direction.
Nurturing customers is important in any business. Sometimes, you need to prioritize it first before thinking about expanding the market. It is a more effective way to keep your business afloat. The five tips above may give you pointers about the right way to do it.