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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Customer Loyalty: Engagement, Not Transactions

Written By: Catherine Morgan | Comments Off on Customer Loyalty: Engagement, Not Transactions

coffee shop loyaltyIn Carol’s latest post, “Customer Loyalty 3.0 Is Never About Transactions. It’s About Getting to Know Your Customers” on entrepreneur.com, Carol talks about the future of customer loyalty, and why it’s so important. She begins:

“At Entrepreneur and Microsoft’s Accelerate Your Business Event, I was able to talk to attendees about how to grow their businesses using what I believe is the future of customer loyalty — and I call it Customer Loyalty 3.0.

I wanted to share some highlights of that discussion here.

1. Why customer loyalty is important.

When it comes to growing your business, customer engagement is the holy grail. Engaged customers who love your business provide a base to grow from. In a world where it is difficult to get someone’s attention, the customer who loves you provides you an opportunity to go deeper. That means selling to them more frequently or in larger order sizes via upselling, because you are already engaged in a dialogue with them.

Additionally, people tend to hang out with other people who are a lot like them. Whether you have a business-to-consumer (B2C) business where your raving fans tell their friends and colleagues, or a business-to-business (B2B) operation, where your raving fans know other potential business customers, your existing customers are your best advocates to cut through the noise and help you to reach your target market.

2. Why old-school loyalty tactics don’t work.

In trying to create customer loyalty, most businesses tend to do something that looks more like bribery. They give you one point per dollar spent or “buy nine, get the 10th free” type of programs in the name loyalty. But neither is loyalty at all.”

You can read the rest of the post here.

Article written by
Catherine Morgan is the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. She specializes in helping entrepreneurs transition to corporate jobs they love. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant who was employed by three of the former Big Five consulting firms, Catherine speaks frequently on topics related to career transition, small business, productivity, and mental health. She doesn’t take herself seriously, but takes her subject matter very seriously.