On this day dedicated to love, why not consider how to get your customers to fall in love with your business? Just as in a romantic relationship, the relationship built between your business and your customers is one of value and loyalty. This loyalty often leads your customers to care more than passively about the development, furtherance and overall success of your business. This term is what we like to call ownership. Ownership exists in a sphere above customer loyalty and is closer to an actual relationship than a mere customer/business interaction (but not in a weird way). To encourage your customers to move from passive to loyal and then to ownership by “romancing them” follow the tips listed below:

Proven, Effective Strategies For Building Lasting Customers Relationships and Promoting Customers Ownership

Know the Difference Between Loyalty and Ownership

Loyalty is great. However, loyalty can be found in your Golden Retriever. What’s even better than loyalty when it comes to customer relations is customer ownership. Consider the fact that a loyal customer will shop with you before they shop your competition. When a customer feels like they “own” part of your business, they wouldn’t dream of shopping anywhere else but with you. See the difference?

Know The 80/20 Rule, And Treat The Top 20% Special

In most cases, the top 20% of your customers are responsible for around 80% of your revenue. This makes that special 20% unique. Consequently, you should know the names of all your top 20% customers. You should also note their preferences for certain products or services and their individual buying habits. Get to know your top 20% and make exemplary customer service a requirement not a suggestion.

Recognize Some Customers Are Brand Evangelists & Treat Them Differently

A customer that is considered evangelistic is one that is not only uber-dedicated to your business, is super forgiving of your mistakes but is also a strong referral source. These customers are extraordinary. They provide a lifetime of value simply because they refer you to so many other customers. This means your evangelistic customers, the ones who “go forth and spread the good news” about your business, are worthy of extra attention. Make knowing the name of each evangelist customer a requirement. It’s also a good idea to send them cards on holidays and their birthdays in addition to offering a polite personable smile and a handshake when you see them in person.

Calculate The Value of a Loyal Customer

It costs more in terms of marketing expenses and other factors to entice new customers than it does to keep the current ones happy. This is a common problem with many businesses. They spend too much time and effort trying to garner new customers and forget about the loyal ones they already have. “Big mistake! Huge!” Instead, pay attention to your customer retention rate and stay on top of promoting ongoing relationships with existing customers.

Determine Your Churn Rate

Another way to ensure you are “romancing” your customers is to keep an eye on your churn rate. This is a rate you don’t want to see increase as it indicates not how many customers you have gained, but how many you have lost. In general, if you have more customers exiting out the back door than you do coming in the front door, you have an issue you need to address…and quickly.

Make It More Than a Money Issue

Any good relationship is built on trust, loyalty and good communication. It can’t be formed on money alone and survive very long. To ensure your customers know you love them and are committed to investing in your ongoing relationship, you have to focus on more than just money. Yes, promotions and price incentives are great, but they won’t last forever. You need to invest in all the elements listed above to ensure you are building relationships that will garner customer loyalty and are creating a sense of ownership within your customer base that will promote an evangelistic attitude. This is how you successfully get your customers to fall in love with you!