How to Foster Customer Loyalty in Marketplace Environment
Posted by Shu Wen
Friday 31 Aug 2018
Posted by Shu Wen
Friday 31 Aug 2018
Share
Customers are always the top priority in businesses because they are basically the main source of profit that keeps the business sustainable in long term. So, in order to keep the business going, fostering customer loyalty is definitely one of the best ways.
By keeping the customer loyal, businesses can enjoy the following benefits.
1. Growing profits. Customers who are loyal to the brand would come back for more purchases in the future. Well, as long as the business delivers and maintains or if better exceeds the existing customers' expectation and experiences, your customers and your brand would go a long way together.
2. Promote referrals. Customers who are loyal are basically satisfied with the products and services provided. We love to share what we find good and worth a try, this includes being a consumer as well. According to Nielsen's report, 84% of the global consumers have higher trust towards recommendations given by friends and family. Thus, word-of-mouth is extremely powerful. This would lead to a snowball of profits that inevitably helps to reduce a part of promotion and advertising cost.
3. Protects you from your competition. Now, the moment you click to a marketplace website, you will see a sea of sellers with about similar products popping up. Let's face it, the competition is real. If you have one customer who are satisfied with your item from the first purchase, you are definitely one step ahead from the rest. Even if your items are priced slightly higher, with the positive experience gained from the past, satisfied customers are more likely to choose you from the rest.
However, it is sad to say, not all loyal customers are 100% loyal and building loyalty may not seem as easy as giving loyalty cards and promotions anymore. Especially, the millennials now do not regard themselves as a brand loyalist. Only 7% identified themselves as brand loyalist. With the fast-moving digital age, the way consumer purchase and act is definitely incomparable to the past and retaining customers is more than just giving out points and loyalty cards per se.
Hence, it is time for businesses to step up their game in fostering brand loyalty among their consumers in the marketplace. Read on to find out more.
1. Deliver what you promise
Whatever description and pictures you have presented to your customers on your store are gonna turn into customer's expectations as they receive the product in their hands. Remember every detail counts especially selling online because that information is all that the buyer can count on before making a purchase. From product image, product description to shipping details, make sure you deliver all that is stated there.
According to Annex Cloud, 44% of the consumers are more likely to engage with brands who post real pictures of their product. That is why product photography plays an important role in catching attention, differentiating from your competitors and leading to the ultimate conversion.
While for product description, yes we know you wanna hard sell your products through words, perfecting your descriptions with enticing keywords and points to ensure it is compelling to your customer, but beware not to go over the line. Same goes to the shipping details, if the average shipping period is within 5-7 days, just be true to it. Do not try to impress with express shipping time when you cannot deliver it.
Remember you are suppose to create a positive expectation, what they are suppose to expect and not more than that. When customers receive what they expect, this would result in fewer returns and subconsciously built trust.
2. Exceed what customers expect from you
As aforementioned, convey what the customer should expect from your product. Once they have set those expectations in their mind. Exceed it! Get the Wows from your customers because this is what keeps them coming back for you and for more. Observe from every customer's touch points with you. From there, brainstorm on how you can exceed their expectations.
How fast you respond to your customer's enquiries. Average expectations would be in a day. But you can exceed with real-time response or within an hour.
Or when a particular buyer purchased quite a number of products from you in a single purchase, offer them a free gift in the packaging. Exceeding their expectations is all about adding an element of surprise and this would definitely leave a good impression on your brand.
3. Personalisation
With the saturation of loyalty scheme given by online businesses, personalisation is now the key to gaining loyalty from the customers. Customers do not just want the offers, but offers that are relevant to themselves, offering what they want and need. They want brands to know them personally.
For online marketplace, personalisation may be delivered differently. As a seller, you may offer personalised services that allow customers to customise their purchase. For example apparels, customers would be delighted to choose colours, sizes and types of material of their purchases. Of course, this would only imply if the product you are offering is handmade or customisable.
Other personalisation methods can be sending a personal coupon code for the next purchase. Personalise the experience through gift wrapping which will be touched on further in the next point. Offer gift wrapping options when the gift is for someone special. Or wrap it up according to the festive season like Christmas for some festive mood.
4. Packaging Matters
Packaging is often overlooked by sellers because most assumed the product itself is the focus of attention. As long as the product is good, that is all that matters. However it is not the case, if you wish to stand out, packaging is one of the areas for you to do so. Consumers are drawn to anything aesthetic, attractive and appealing. For retailing, the packaging does impact buyers decision, prompts impulse purchase too.
On the flip side, for marketplace, the packaging tends to be revealed at the end of the buyer's purchasing process in most cases. Thus, packaging appears to be a plus point for the brand, a wow factor that wraps up the entire customer experience towards the brand.
Well, for some customers, this does not stop there. The Dotcom Distribution report reveals that 60% of the buyers would share the product image if the packaging is appealing and attractive. Unboxing videos are a hit now in the social media. Based on the survey, out of 33% of the respondents who have watched the videos in the past, 55% of them actually purchased the product after watching it.
Yeah so, it is vital to creating a memorable and shareable unboxing experience for your brand and business. If you go the extra mile, your customers in return would go the extra mile for you in terms of loyalty and publicity.
5. Make your customers feel appreciated and valued
Everyone loves to be loved and appreciated. Especially when making a purchase from your store for the very first time. It is like putting a bet and placing their trust in you that they would receive what they want.
So, appreciate them and assure them that their choice is safe and right with a 'thank you' note included in the packaging. A simple thank you certainly produces a big impact to the customer's buying experience. Besides, a thank you note, you may include a coupon for the next purchase or complimentary gifts.
Another way to make them feel appreciated is by being a good listening ear. Listen and respond to their feedback. The way and how fast you respond towards a dissatisfaction or feedback helps to determine their loyalty and perception towards your brand and business.
Conclusion
Keep your customers smiling throughout their journey with you to foster loyalty in the marketplace environment. Go a little extra mile for your customers, and be sure that they will be your ambassador and advocate in no time.
