With customer loyalty steadily declining despite heavy investments in marketing, LMS Thinking share their tips to help improve retention rates for local businesses.
It is no secret that it costs less to retain existing customers than to acquire new ones. Repeat business is essential to any growing business which is why Tim Kennedy, Managing Director of outsourced sales and marketing firm LMS Thinking has revealed the four steps they follow to not only increase customer loyalty but to retain satisfied customers.
Businesses must know everything about the customer. They should take the time to learn about their existing or potential customers, their needs and their wants. Tim Kennedy, MD of LMS Thinking states, "The key to success is to know the wants, wishes and buying behaviours of potential customers. Analyse your market, the number of potential customers that fit your target demographic and tailor your marketing campaign, or more specifically, your approach, accordingly."
Humanise the brand through customer interaction and engagement. Using a more personalised, human-like approach is what will make customers connect with a brand; and that connection will help lead to stronger brand loyalty. "As an outsourced sales and marketing company we are the face of many different brands so perfecting this step is especially important to us. We are out in the field on a daily basis engaging with customers and as such appreciate the importance of having an empathetic and human approach," says Tim Kennedy of LMS Thinking.
Improve the customer experience. In the marketing industry a lot of time and money is spent on creative resources to try and get customers to take the action businesses want them to take. Instead of investing so much time in these creative avenues, companies need to go back to basics and focus on delivering a greater customer experience. Prioritise campaigns that offer customers real value and that enhance the brand. Tim Kennedy explains, "At LMS Thinking we take customers into account in every aspect of our business. This customer-centric thinking has helped us develop unique campaigns that deliver exceptional results and a long standing customer-base for clients."
Measure the customer loyalty. By routinely reaching out to customers for feedback on what is working, and what isn't, businesses can stay on top of trends and adjust their marketing activity accordingly. "Many businesses are too afraid to ask for customer feedback but this is incredibly important if you want to improve customer loyalty. Finding out what is working and what isn't will help you refine your marketing strategies, branding and overall retention rates".
LMS Thinking is an outsourced sales and marketing firm based in three major economic cities; New York, London and Sydney. Through combining the perfect balance of strategic sales with an enticing marketing approach, the firm deliver a strong return on investment that exceeds client expectations.
Press release distributed by Pressat on behalf of LMS Thinking, on Wednesday 25 June, 2014. For more information subscribe and follow http://www.pressat.co.uk/