Choong Whan Park, who retired from the University of Southern California as Director of the Global Branding Center in 2021LOS ANGELES, CALIFORNIA, UNITED STATES, June 22, 2022 /EINPresswire.com/ -- There are plenty of apps, strategies, and gimmicks designed to increase brand loyalty and thus boost a company's bottom line. At best, they offer a temporary boost. Choong Whan Park, who retired from the University of Southern California as Director of the Global Branding Center in 2021, explains that keeping customers isn't as complex as it may seem. However, it does take ongoing hard work and sacrifice.
The key to customer loyalty is to develop a brand name that is worthy of customer loyalty. A businessperson must hold him or herself to a high standard of integrity and ethics. Customers have to know they can trust the business to act appropriately in any situation.
Employees should treat all customers with respect, no matter who they are, where they are from, or how much they purchase. The business should under-promise and over-deliver to ensure it is either meeting or exceeding customer expectations at all times. If a mistake is made, a business should be honest about the fact, apologize, and work to set things right.
Stellar customer service is also key to generating long-term brand loyalty, Choong Whan Park notes. Statistics back up his assertions, showing that 86% of consumers are willing to pay extra for good customer service, and nearly 50% of consumers make impulse purchases as a result of a personalized shopping experience. Conversely, nearly 60% of consumers will switch to another brand name due to poor customer service, and close to 80% of consumers have backed out of purchase due to a bad customer experience.
Choong Whan Park also urges businesses to communicate with clients, showing genuine gratitude for purchases and asking clients if the product/service met their standards. A personal thank-you note, a custom coupon, or even a cheery "Thank you for your business" at the checkout counter shows clients that the business appreciates them. Following up on clients gives clients an avenue to explain any problems they may be having with the company product in order to find workable solutions. This is important as many clients will simply find another supplier rather than reach out to a company's customer service department.
The importance of brand loyalty is impossible to dispute. It is far easier and more profitable to retain existing customers than it is to try to bring in new ones. Moreover, happy customers will tell others about a business, bringing in new customers who can likewise turn into long-term patrons. However, there are so many business options for customers to pick from that a business will have to offer more than just good products in order to succeed long-term.
Integrity, ethics, reliability, stellar customer service, and continually reaching out to clients to show gratitude and offer help and assistance can spell the difference between a successful business and a mediocre or struggling one. Choong Whan Park certainly advocates for using modern technology in order to build a successful brand; however, he is quick to remind business owners that nothing can take the place of the qualities outlined above.