Rob Tolley is the CEO of Global Speciality Underwriters LLC, Dubai, a company that specialises in underwriting specialist lines of facultative reinsurance business on behalf of rated reinsurers. This article will share strategies to give back to customers, exploring the reasons why doing so is critical to business success.
Customers are the backbone of any successful enterprise. A founder can come up with a winning product and business model, but without customers any business is doomed to fail. Forward-looking companies recognise the importance of showing appreciation for those who back their business, rewarding loyalty, forging stronger connections with customers and ultimately creating the edge needed to grow in increasingly competitive marketplaces. The attached PDF takes a closer look at brand loyalty and why it is integral to corporate success.
In terms of giving back to customers, businesses have a range of options to choose from. The most appropriate option will largely depend on the size of the business and its niche. Options include:
- Sending a handwritten thank you note or a gift
- Hosting customer appreciation events
- Operating loyalty schemes
- Creating posts on social media expressing gratitude to customers
Showing customers appreciation can be a simple yet surprisingly effective endeavour in terms of instilling customer loyalty and goodwill. The attached infographic delves deeper into the topic of customer loyalty, sharing some interesting statistics highlighting its importance.
Giving back enhances the customer experience, keeping clients happy and satisfied and encouraging them to keep coming back. Initiatives like loyalty programmes help businesses to build a loyal customer base, keeping long-term clients in one place, with a report from Smile.io indicating that while repeat customers typically represent just 8% of a site’s traffic, on average, they account for 41% of revenue.
A particularly effective conduit for companies to give back is via their employees. By offering staff perks for referrals or sharing posts on social media, businesses not only incentivise their employees but also enhance their reputation. The embedded video looks at the topic of employee engagement in more detail.
Whether a business is in the start-up phase or has become a multinational organisation, building and retaining a loyal following is integral to success. It is therefore crucial for businesses to ensure they keep long-term clients happy by giving back, helping to maintain healthy client relationships and encourage customer retention.