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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.

Loyalty Isn’t Transactional – It’s About Creating Relationships

Written By: Catherine Morgan | Comments Off on Loyalty Isn’t Transactional – It’s About Creating Relationships

If you haven’t heard Carol speak, you’re in for a treat. Nextiva posted a video of her talk at their conference last fall, and it has some great suggestions for how you can connect better and deeper with your customers.

The video is part of this post, “Carol Roth’s 5 Secrets to Customer Loyalty.” The intro begins:

Among NextCon17’s most captivating speakers was none other than Carol Roth, a self-described “recovering investment banker” who now consults with companies of all sizes. Roth helped open the three-day conference, taking the stage on Monday, Oct. 23, 2017, to discuss one of the hottest topics in the business world: how to attract and retain loyal customers.

She discussed both the opportunity and the challenge related to loyalty.

“The challenge,” she said, “is that everyone can be reached. This used to be difficult to do. It used to be that once you reached a customer, you hooked them. Today, though, social media allows everyone to be reachable, which makes it challenging to engage those customers. We are all dealing with messaging overwhelm.”

The opportunity, according to Roth, is that businesses can focus on upselling the customers who already love them.

“It is cost effective to focus on the customers you already have,” she said. “It can be easy for them to listen to you, and if they are raving fans, it can be even easier. It reinforces an amazing opportunity for loyalty. Every customer has a sphere of influence, and loyal customers are great people in which to get repeat businesses and referrals.”

Roth also talked about one of the biggest misconceptions when it comes to customer loyalty.

“Customer loyalty programs are old news in the world we live in,” she said. “They look more like bribery than loyalty.”

You’ll definitely want to click through and watch the video 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.