Saying that the business world today is competitive is a gross under-statement.
Businesses must fight tooth and nail, not only to acquire new customers but also to keep the ones they have. Clients flutter from company to company in less time than it takes them to drink their morning coffee.
Acquiring new customers is always important, but given the acquisition cost, customer retention is key. Indeed it has been proven to be far less expensive than acquisition.
To maintain your customer’s loyalty, it is mandatory to grasp the true meaning of customer loyalty. Most definitions seem to overlook the capital importance that loyalty is completely reliant on emotions. It results from numerous positive emotional experiences.
Take your personal life, if you think about who you are most loyal to, even when you disagree or dislike what they have done, are your friends and family. The emotional ties you share with these people is what generated that loyalty. The underworking of true customer loyalty are the same. You must create and maintain that emotional bond with your customers.
The best way to do so is to offer them experiences, create lasting memories merging emotional, physical and financial aspects into one service, one experience. This will drastically increase the strength of the coveted emotional bond, customer satisfaction, retention and loyalty. Your customers will also become your companies most loyal and trustworthy ambassadors by generating positive word of mouth for you.
For brands and companies (from Luxury watches to wealth management) catering to an upscale clientele, the proven way to offer customers experiences that build the emotional bond is to offer them a 24/7 concierge service / Team of Private Lifestyle & Travel Advisors. They will craft and offer the customer, in your name, totally custom-made, personalized experiences. These customers will automatically intertwine these experiences with their image of the brand and always rely on the brand whenever they need anything. From a cruise to a baby-sitter, your brand is offering them everything on a silver platter and they will be forever grateful.
In terms of loyalty and retention, this type of service truly is a substantial, sustainable competitive advantage.