Why Knowing Your Customers Can Improve Your Brand’s Success
Relationships are a two-way street; we both want to be heard and acknowledged as the individual we are. Business is no different as many PR professionals are in long-term relationships with their customers.
As important as it is for your customers to understand your brand’s values, it is as equally beneficial if you spend the time getting to know theirs. The more time and energy you put into getting to know your audience, the more successful you will be.
Research shows that repeat customers can be your greatest ally.
- The longer the relationship with a company, the more money the customer will spend. On their 5th purchase, customers will spend 40% more than the 1st and on their 10th purchase they will spend 80% more than the 1st.
- Repeat customers will refer more people than one-time buyers. After their first purchase, customers are liking to refer 3-4 people. After 10 purchases with your company, they are likely to refer 7-13 people.
- Majority of consumers are loyal to their special brand. 64% of Millennials are as brand-loyal or more brand-loyal than their parents.
So if you have repeat customers that seem brand-loyal, why would they end the relationship and move on to another brand? Here are the top 4 reasons a consumer would “break up” with your brand:
- A negative review remains unaddressed while similar products continue to be offered (57%)
- Data leak or breach (53%)
- No live or real-time customer service support (42%)
- No timely sales and promotions offers (38%)
At the end of the day, customers want to feel important to you and crave personalized experiences. 79% of consumers want brands that understand and care about “me” and 56% are loyal to brands that deeply understand their priorities and preferences. It’s no longer about what product you can provide them, but also what kind of personalized experience you give them with the product.
Find a Master Database Management tool to help you better understand your audience then customize their experience in a way that keeps them coming back for more. Similar to nurturing your relationships at home, you need to invest the time into your customers in order to become a successful brand.