Showing gratitude to the people who patronize you can make them feel valued. In turn, this can inspire loyalty in them, leading to referrals and increased patronage, all of which are positives for your business.
Here are five ways customer appreciation can grow your business.
1. Customer Appreciation Inspires Customer Loyalty
Saying “thank you” to your customers will make them feel special and improve their experience. And when a customer feels valued, they’re more inclined to stick with your business. In fact, studies have shown that 82% of customers who stop patronizing a business do so because they no longer feel valued. So, start a culture of customer appreciation, and your customer retention rates will see significant improvement.
2. Customer Appreciation Increases Brand Awareness
Image via Flickr by Jen Beever
Brand awareness is closely related to customer loyalty and is an added benefit of customer appreciation. With improved brand loyalty, your customers become unofficial brand ambassadors for your business. They highlight your business to potential customers and draw in referrals. This positive review will increase awareness in the public space about who you are and what you do, which will increase sales and grow your business.
3. Customer Appreciation Fosters Patronage
Many customers have reported patronizing businesses numerous times in anticipation of the little notes of thanks or customized sway added to their order. This admission confirms that nothing quite encourages repeat patronage like customer appreciation. Repeat patronage is even more important in the grand scheme of business things because a huge portion of sales comes from existing customers. Studies have shown that it’s much easier to sell to existing customers than it is to acquire new ones. With customer appreciation, you can make the sales process easier and grow your business effortlessly.
4. Customer Appreciation Strengthens Relationships With Customers
When you appreciate a customer, you’re implying that you care about them and want to maintain a relationship with them. Strong customer relationships help a business grow in many ways. They help you gain an insight into your customers’ preferences and interests. With this information, you can tailor your products to fit your target market and solve customers’ problems more efficiently. The main benefit of this approach is that user-centric products perform better and generate more revenue than generic products.
5. Customer Appreciation Helps Businesses Stand Out Among Competitors
Do you know what will distinguish you from another business that offers the same services within the same price point? Short answer, appreciating your customers. A simple “thank you for your business” can make all the difference for customers deciding where to get their next refill. That’s because humans are emotional creatures who never forget a bad experience and always remember a kind gesture, hence their preference for businesses with a warm touch. Building a habit of customer appreciation will set you apart and embed your business in the minds of your customers.
Customer appreciation has great benefits for your business and can help you achieve your sales and revenue targets. You can do more than appreciating them for their patronage or for referring new customers. A little note on their birthdays will also make them feel valued. Form this habit and watch your business grow.