Ax22F - Ignium explains why loyal customers are happy to support the business they love
There’s a special relationship between a business and its most loyal customers.
It’s a kind of magic, a bond that strengthens over time and amounts to much more than a commercial transaction.
It’s a feeling of trust and a sense of mutual respect – the consumer knows that the business always gives them the product or service they want or need in their life; the business knows that their service is respected and valued.
That’s important, as very few businesses offer a totally unique product. Yet despite the world of choice available, their customer chooses them time after time. That’s because while the product might not be unique – the way it is delivered is special and irreplaceable.
The reasons for that level of loyalty can be complex and varied.
Friends and partners
They may include:
There is no one way the chemistry works, just as there is no simple system in life for how we choose our friends or our partners.
If that chemistry wasn’t there, the customer could simply cross to the other side of the street and spend their money there.
But they don’t. They like the relationship and they return for more.
Valued members of their family
Smart businesses recognize this quality. And they want to protect it and extend it to more customers.
There are many ways they can repay that loyalty, by rewarding customers with the chance to feel like a bigger part of the company than just a buyer of its goods. By giving them a personal, emotional stake in its enduring success.
The beauty of the new world of business is that there are lots of ways in which a business can extend that opportunity, to make customers feel like valued members of their family and community, with an involvement in its future.
Experience shows that consumers are eager to seize that sense of belonging – and they are happy to invest in the growth of a business that they admire. They are ready to support a firm whose values match their own.
Making a real difference
This changing, deepening relationship between the best businesses and their customers is a growing trend, and it is emerging as a valuable source of new capital at a time when the commercial lending landscape is uncertain and increasingly expensive for borrowers.
Small and medium-sized enterprises, especially, struggle to find the capital they need to satisfy their ambitions for growth. And in those circumstances, what could be more natural or beneficial than inviting people who already know, love and understand their business to back its success – those existing fans who already support it with their hard-earned cash?
At Ignium we work with businesses who make this dream of a closer relationship with their customers a reality. There are numerous ways in which we can help it to happen by boosting your business model with rewards and returns for community investors.
Adopt a profit-share plan to reward your supporters. You can offer a percentage return on the revenue growth you create from the investment. It’s a clear way of showing your best supporters that their backing is really valued – and that it is making a real difference.
Offering supporters discounts of perhaps 5%, 10% or 20% on their purchases.
Giving supporters chances to see behind the scenes at the company and to experience how their favourite products are created, alongside other members of the community.
People love owning unique pieces of digital art, which can also be traded at a profit. They are a brilliant way of giving a business a clear identity, and they create an extra, individual link between the company and the community investor.
Remember your supporter on their big day with a special package of products and personal wishes. Because everyone loves a treat on their birthday!
Enter all your supporters into a regular draw to win a fabulous reward. The anticipation of the lottery is great for building a sense of excitement and community.
Get your supporters involved and engaged by running contests, either online or face-to-face. An element of friendly competition brings a community together in a spirit of fun.
Make your supporters feel a part of the business by giving them a special mention and adding their name on your website and in your social media. People love to be recognised.
Call us today and find out how we can help you build a closer, more rewarding relationship with your cherished community of loyal customers.