Entrepreneurs live in a perpetual state of balance when it comes to business. Understanding what drives success and how to keep customers coming back can be overwhelming and, at times, confusing. Luckily, the BLOQ parq (tBp) model supports the entrepreneurial spirit, fostering growth, connection, and clarity.
With ongoing tips and resources to help small business owners, we are thrilled to act as a go-to for those who have put their hearts and souls into every element of their business. If you want to set yourself up for success, it’s impossible to avoid discussing a crucial key area of building your business – brand loyalty.
What is Brand Loyalty?
If we look at the definition, brand loyalty is a consumer’s emotionally charged decision to purchase from a specific brand repeatedly. The consumer has built a personal connection to the brand and commits to its overall groundwork, mission, and vision. Now that we know brand loyalty is. Let’s take a look at a few ways to make it happen.
1. Create Community
The Community can be critical when it comes to fostering brand loyalty. Shifting your mindset toward customer engagement means you don’t just communicate; you converse with your customers. Building opportunities to engage in a conversation is critically important, whether online or in a dynamic hub of person-to-person connection like tBp. Creating avenues for your customers to interact with you and each other is a win-win that allows. Everyone wants to feel as though they are a part of something greater than themselves – let your brand be it.
2. Reward Loyalty
Providing perks and special offers for those loyal to your brand is a great way to encourage repeat purchases. Through your providing of superior customer service experiences, creating quality products, and offering perks of repeat purchases, you can create a customer that is a brand advocate. According to a study by Nielsen, 84 percent of consumers say they’re more apt to stick with a brand that offers a loyalty program. And 66 percent of customers say the ability to earn rewards changes their spending behavior.
Loyalty rewarded and recognized tends to encourage your customers or clients to be vocal in their support and what you offer. And by providing devoted customers free or discounted items, you can retain current brand fans while incentivizing future customers to reach the same loyal customer status.
3. Invite Feedback
The better you know your customers, the better you can serve them. Consistently asking people’s opinions is insightful, especially if you do it often. Having a brick and mortar location like those at tBp where foot traffic is high, you can ask people informally what they think about something.
Additional ways to gather input include creating online polls, surveys, and questionnaires that you can share via email marketing or on your social media platforms. If you serve food, ask about specific dish suggestions. If you own a product-based business, question which version or design customers like best (and least). Always remain open to new suggestions. Allowing your brand ambassadors to feel valued ultimately adds value to your brand.
Brand loyalty is a path that leads to long-term, sustainable success. With loyal customers comes consistent purchasing and their passion for praising your company to others.
It is easy to see why achieving brand loyalty is a pillar of success for any business owner or entrepreneur. Securing a desirable micro-retail spot at tBp is the first step to creating a strong foundation upon which that brand loyalty pillar will stand.