Good business is like a handshake, passed from vendor to customer, from customer to employee, from friend to friend. We’d like to share with you our approach to customer and employee loyalty in the hope that you’ll find it interesting and useful.
All the research tells us that it’s more expensive for a company to acquire a customer than it is to retain an existing customer. Sounds simple but it’s clear that some companies are more successful at retaining loyal customers than others.
Customer loyalty is multifaceted; it is not the result of a one-time event; nor is it formula-driven or something that can be put in place overnight. It requires a company-wide strategy that puts the interests and wellbeing of customers and employees first. Building customer loyalty isn’t a program, it’s more to do with Culture.
- Training and supporting your employees is critical. If creating the very best value and service is at the heart of building customer loyalty, then the employees who deliver that value and service are the critical link. They create a contagious culture of loyalty and goodwill that they share with customers.
- Find the right customers and treat them like the valuable assets they are. It is better to create real value for the right customer-partners than it is to attract everyone out there. Identify customers who are the best fit with your organization, then do everything in your power to attract and keep them.
- A focus only on profit and short term business goals can be contrary to building a culture of long-term customer relationships. Customer retention requires a longer lens than the snapshot a quarterly financial statement provides.
At Admiral Metals, this philosophy is at the very core of the way in which we have operated for sixty years. It has helped us establish a culture of mutually beneficial partnerships with our employees, our suppliers and our valued customers. It’s what we try to focus on every day – let us know if it works for you.
Wishing you the very best in business,