Time to Read: 4 minutes
Did you know, on average, loyal customers are worth up to 10 times as much as their first purchase? Customer loyalty is one of the main reasons behind a business’s success. Loyal customers purchase more, more frequently, and the cost of selling to them tends to be small. Brand loyalty is a personal and emotional commitment. To achieve customer loyalty, brands must make it beneficial for consumers to stick with them instead of running to a competitor. Feeling unvalued in a partnership and relationship will ultimately turn them away.
This blog will speak on four ways to create customer loyalty:
- Provide positively outrageous service
- Provide a fast redemption time
- Provide programs and tools with best-in-class technology
- Follow up
Provide Positively Outrageous Service
Companies that prioritize the customer experience generate 60% higher profits than their competitors. Even more, 86% of buyers will pay more for a better customer service experience. When your channel partners call in, you should never make them wait on the phone, or leave them more confused than they were before. Delivering clear and constructive instructions helps your partners feel content with trusting your brand. Customers remember when they were treated well and when they were treated poorly. Make sure their everlasting memory is always a positive one. This is one simple step toward creating customer loyalty. Are you providing your channel partners with exceptional service? Find out in our blog here.
Provide a Fast Redemption Time
“Everybody has a need for speed and you actually make your product, service, or services more attractive when you do them fast.” – Brian Tracy
You should always provide fast redemption. Period. It is absolutely critical when it comes to creating customer loyalty. No channel partner wants to have to wait months to receive their rebate or reward. Taking too long to deliver creates annoyance and turns consumers away from purchasing your service or product. Time is precious. This is true for your channel partners. When you make redemptions fast, customer loyalty builds.
Provide Programs and Tools with Best-In-Class Technology
Another way to create customer loyalty is by providing your channel partners programs and tools with best-in-class technology. Offering effective co-marketing programs, such as Co-op, MDF, Incentive (SPIFF), Rebate, and Digital Marketing facilitate win-win situations for you and your partners in different ways. Such as, driving demand generation, leveraging brand equity and value, and motivating channel partners to sell your brand or product over a competitor. It is also necessary to augment these effective co-marketing programs with instinctive and engaging tools for the channel to go to market quickly. One example is content-rich collateral customizer and digital asset management, which provides brand standardized advertising and a platform with real-time access. When you provide your channel partners with these types of programs and tools, their success turns into leading loyalty.
Did your channel partner receive their rebate okay? Did their claim get processed accurately? Showing your interest in the customer and how their experience went enhances your loyalty to them, ultimately showing them, and the brand, that you care. You should constantly be following up and getting channel partner feedback and taking appropriate actions based on that feedback. Treating your partners as an extension of your team is crucial to their success, and ultimately, your own.
When you implement the tactics listed above, your brand can build loyalty with channel partners, helping your reputation and revenue grow. How are you creating customer loyalty? Let us know in the comments below. We would love to hear from you. If you want to talk further about this topic or have any other questions about your channel programs, give us a call at (319)-294-7501 or email us at email@example.com
Corporate Marketing Specialist