Brand advocacy part 2: Creating your biggest fans
This article in our series about Brand Advocacy looks at a simple model to help you plan to make your customers love you.
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Brand advocacy part 1: Showaddywaddy were wrong!
When you think about your business, the two most important assets are your people and your customers. For the purpose of this article we are looking specifically at customers and how to make them your biggest fans and therefore advocates of your business.
While statistics vary on this next point, it costs about five times more to acquire a new customer than to generate business from your existing customer base. So how do you turn a one-off purchaser into a loyal, committed and repeat fan?
Well, here’s a simple model to help:
Back to the basics
This may seem like an obvious point but you can’t build customer loyalty if there are any failings in the basics that you offer. So the quality of the product and/or service you offer must be unquestioned.
Another key point here is that you must offer value although this does not necessarily mean being the cheapest. In fact one of the best ways to keep out of the ‘mosh pit’, struggling to be heard amongst the noise, is not to trade on price but to trade on your strengths.
Helping is the new selling
Business is all about relationships and loyalty is based on the strength of these associations. Something that you take for granted or think is too small to be noticed can all add up to take your offering beyond your customers’ expectations. And this is how trust is built up.
Educating your customers in bite-sized chunks and continually providing value by imparting knowledge about issues important to your customers is key. Use mechanisms such as videos, webinars, networking events, forums and social media postings to name just a few. The key here is to create a schedule of activities and stick to it.
Our advice is to never make assumptions about what’s important to your customers and this requires you to get to know them intimately. Ask them what’s important, get their feedback and take action to improve.
Measure and control
This is often the poor relation when it comes to achieving customer advocacy. You need to measure everything from complaints and churn to satisfaction and retention rates.
In our next article about Brand Advocacy we’ll take a look at the Net Promoter Score - a popular technique used to gauge the loyalty of a company’s customer relationships.