Customer loyalty is a measure of how satisfied your customers are and how likely they are to share their experience with others:
- Existing customers are 70% more likely to buy a product or service than a new client.
- 36.5% of shoppers said they would spend more on products if they were loyal to a brand, even if they found cheaper options elsewhere.
The performance of every company is now measured online (or will be soon), so you can’t really ignore customer loyalty. This means that measuring and improving the loyalty of your customers is extremely important for every business, especially during the COVID-19 pandemic when spending is at an all-time low across the globe.
Of course, this is also good advice anytime things go a little awry (like the 2008 recession or whenever unemployment rates get higher, etc.).
Here are the steps to take in order to continually improve the customer experience of your brand during the Coronavirus.
Ways to Improve Customer Loyalty During COVID-19
1) PROMOTING CUSTOMER ENGAGEMENT INITIATIVES
When businesses engage with their customers regularly, consumers are more likely to build a long-term relationship with the brand — which means that they will probably refer your brand to their friends and family.