Sure, a quick fling can be fun. Holiday romances are of course great but short lived. And who doesn’t love the thrill of a first date? But it’s the long term relationship that impacts you the most, the one you learn from and leaves you feeling that warm glow inside.

Valentine’s Day is of course a time to appreciate your nearest and dearest, and with existing customers holding the key to future business growth, both thanks to their return custom and also their ability to persuade their community of how great you are, isn’t it time you showed them a bit of love and attention?

With Gartner research showing that 80 per cent of a business’ future revenue comes from just 20 per cent of existing customers, companies must take definitive steps to keep existing customers shouting from the rooftops.

· Put them first

Your customers are at the heart of your business and their happiness should always be the most important consideration. Make sure your customer service is top notch: good service reinforces trust whilst poor service drives customers to your competitors. Our recent Business Survey research discovered that 41 per cent of businesses using online reviews had noticed increased customer loyalty as a result.

· Show your customers how much you love them

Enticing new customers with shiny deals and offers is all very well, but the real value lies in the existing customers. The probability of selling to an existing customer is around 60-70 per cent, compared to just 5-20 per cent for a new prospect. A good route to their hearts is to offer them something personal, after all, our Trust Economy research demonstrates that 75 per cent of customers say they would return to a business that delivers personalised content.

· Keep your relationship fresh and exciting

Relationships can easily grow stale once the honeymoon period is over. Close to 68 per cent of customers have switched to a competitor brand because they felt uncared for, so stay in-touch with your customers, keep them in the loop with business offers and add a bit of spice into the relationship occasionally. Consider creating fun and simple-to-use loyalty schemes to keep customers engaged, with attractive and attainable rewards for those closest to you.

· Be honest and open

We all know the quickest way to resolve a relationship spat is to be honest. Encouraging customer dialogue does inevitably mean you’re opening the door for complaints as well as compliments but this isn’t necessarily a bad thing. Our research shows it’s really important to work through the bad times as well as cherish the good. In fact, we’ve found that 15 per cent of consumers say they are actually more likely to do business with a company after reading a response to a negative review that was resolved.

With love in the air this month, taking a fresh approach to your customer engagement can help show your most loyal companions how much you appreciate them.

So remember:

1. Prioritise customer experience at all times
2. Use personalised content to tell them how much you love them
3. Spice up a relationship with fresh content
4. Always be truthful about your business slip ups as well successes

 

By Jillian Falconi, VP Marketing at Trustpilot. 

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