4 rules to increase customer loyalty

Did you know that acquiring a new customer can cost up to five times more than retaining existing customers who have placed their trust in you? This is a universal business rule that also applies to the industrial sector, and that’s why many manufacturers prioritize efforts to increase customer loyalty among existing customers. 

But how is this accomplished? Today we take a closer look at these methods.

Analyze your customer base

In order to increase customer loyalty, you first have to know who they are. That’s why the first step is to analyze each business that uses your services by designing a very precise questionnaire. 

Below are just some of the questions that should be included: 

• How long have you been working with this firm? 
• How much does this customer spend with you annually?
• What product(s) or service(s) does this customer purchase from you? 
• Are you the only supplier to this customer in your field of expertise, and if not, why not? 
• Do you have a clear and measurable understanding of this customer’s satisfaction level? 

Of course, you can expand your questionnaire to highlight various points in the questionnaire. 

Target the right companies

Once your customer analysis is completed, you can easily identify which companies are the most advantageous for your company. 

Below are a few questions that will help you identify the ideal candidates:

• Does the company have a large purchase volume in your factory?
• Has the company been a customer of yours for a long time?
• Is the company a profitable customer for you?
• Does the company pay your invoices promptly? 

Once you have the answers to these questions, you can begin your process to increase customer loyalty among those customers you have identified.

Optimize customer service 

Once the candidates are selected, all that remains is to implement your action plan, which may include various tactics.

Here are a few suggestions: ...

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