As any business knows, once a customer visits your store or site, it’s imperative to keep them coming back. Here is a list of seven rules every retail company should follow to maintain customer loyalty.
1. Know your customer. Companies know that consumer behavior is constantly changing; expectations from last year could be vastly different this year. With more shopping options available to consumers than ever before, it is essential that retailers constantly monitor customers and their behavior patterns. A customer’s needs should always be anticipated. It is critical to have just what the customer wants in the quantity they need within the timeframe they have to have it.
2. Do something. After watching customer behavior, it is necessary to act on what you learn. Based on what your retail business has learned, it should immediately implement actions that will, in turn, result in a return on investment. In other words, what is good for the customer should also be good for your retail business.
3. Price Matters. This rule involves accessing resources to ensure your retail business gives customers a better price than competitors.
5. Tell your story. What is your story? If that question is asked, there needs to be an all-encompassing answer and it needs to be compelling. Make sure your retail business has a clear brand message.
6. Create excitement. Has it been a while since your company changed anything about its brand? This needs to be constantly checked so that your business stays relevant with your customers. Ask questions about your target market in relation to your brand. Is your brand still exciting and current? Your employees should feel excitement while representing your brand; it carries over to the customers.
7. Replenish. If your feedback is coming from the same people over and over again, think outside of the box. Set up focus groups. Ask your friends their honest opinions. Find consultants. Add a team member not in the know to your panel. The goal is to keep an open perspective of your business to keep it current.
The key to a successful retail business begins and ends with staying current in relation to the customer.