What strategies and tactics should be deployed to leverage loyal customer relationships? Here are four key initiatives that every company can incorporate into their customer strategies:
- Support new sales - in most businesses referrals are a key component in closing new deals. Because loyal customers have a positive attitude about their work with you, they are an excellent source of referrals and testimonials.
- Earn more business - loyal customers typically are planning to increase their spending. This is a chance to up-sell and cross-sell to generate new sales.
- Team up to innovate - loyal customers are often the best partners. They will be more open and interested in collaborating to consider and test new solutions.
- Network with other customers - ideally, you want loyalty to be contagious. Encouraging networking between loyal customers and trapped customers can help convert these trapped customers and earn more loyalty.