Brand loyalty has always been a hot topic in the world of marketing and advertising. And yet it seems like it may be increasingly difficult to actually stand out in the crowd. Across an array of industries, markets are becoming saturated – there are more and more companies that are trying to find their niche and differentiate themselves from a growing crowd of players.
And one way to stand out is to ensure you have a solid loyal customer base that yearns for your products and services and advocates for the brand. Of course, having a loyal customer base is more often easier said than done. In an increasingly digital world that is more disseminated, yet connected through social networks, it can be harder to get customers to be loyal and keep them that way.
In working with a cross section of clients to help foster loyalty among their own customers, we have identified two key ways that brands can develop a deeper relationship with their customers and build stronger loyalty in the long run.
Showcase Flexible and Personalized Service Offers
One way that companies are working to build loyalty is to create flexible options with customers. Whether it’s a B2C or B2B business there may be a mix of service needs for different times and different situations.
Take financial advisory for instance. This is an evolving business where Financial Advisors are increasingly trying to find the right fit for themselves in the world. Technology is becoming more sophisticated, allowing for back-office functions to be automated, at the same times advisors need to be much more consultative – however they need to also prove their “worth” to a new mix of potential clients that may not see or understand the value of paying for financial advice.
Looking at the example of Fidelity for instance, they provide a suite of advisory services that offers investment solutions designed to meet clients were they are from DIY digital advisors to phone -based advisory to more dedicated, one-on-one personalized support. And Fidelity is just one example of the way that the financial services industry is moving to embrace new customers and how they work and live today.
By offering several options that are malleable to both the needs of today and can grow with them into the future, customers may see now a reason to explore other brand options.
Evolve with Customers, meet them Where They Are
Another way that brands work to build loyalty in their customer base is by growing and evolving with them—essentially meeting them where they are in terms of business needs.
Let’s think of the world of business insurance. It may not be the most dynamic when you think of personalized offers or meeting a client where they are but even with business insurance it is so incredibly important to understand where the industry is today and stay one step ahead of the demands of the future.
One area of business insurance that has increased exponentially in recent years is cyber insurance. Many business insurers have seen the need and corresponding demand from their clients and have created coverage to address their needs and potential future concerns.
Munich Re points to the fact that the cyber insurance market has almost tripled in size over the past 5 years – and its important that insurers take note and remain there for their clients.
What does cyber insurance have to do with building brand loyalty? When insurance carriers offer it, and evolve their offer to the macro environment, it signals that they understand their customers and the market dynamics, and in turn customers really appreciate that and will continue to turn to and trust that carrier to “have their back” in the future.
By constantly listening to customers, adjusting the business where necessary, and feeding back to the market that “we are listening” customers feel reassured that they are with a company that understands their needs and is one that they can trust.
Where We Come In
At empatiX, we explore what makes customers tick and what being loyal really means to a business. We love helping our clients understand more about the market.
Need to better understand your customer needs? We would love to chat! Reach out to us at hello@empatixconsulting.com.
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