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In today’s business environment, customers have an abundance of competitive options available to them to spend their money and time. It’s important to show you understand how valuable your customers are to you. Although there many contributing variables considered in analyzing the profits of a company, customer satisfaction is an equally important catalyst to measure the success of a company. A company’s success is dependent on how well the customers are treated.
Modern consumers are paying more attention to how businesses engage with their customers and gravitate towards when they feel valued. Appreciating customers makes them feel individually valued, and not disposable. Businesses can leverage this consumer psychology by actively expressing gratitude to the customers for their business, their support, and their feedback to build stronger customer loyalty.
What is customer appreciation?
Customer appreciation is a term used for an act to measure a company’s effort toward its existing customers. A proactive approach to engage customers can make a huge difference for your organization. While traditional sales and marketing used to focus on attracting new customers however today’s leaders know that it’s equally important to acknowledge customers you already have. And expressing your gratitude to a customer for their business and loyalty can be the foundation of a customer appreciation strategy.
What is Customer Appreciation Day?
Expressing gratitude to customers is a significant factor for any business. This May 21st, 2021, we celebrate Customer Appreciation Day. Customer Appreciation Day is an event that some organizations leverage to create as an excuse to shower their customers with appreciation and thank them for their loyal patronage and trust. It is important to take time on Customer Appreciation Day to express to your customers exactly what they mean to you and appreciate their choice to do business with you.
Here are some of the benefits of celebrating customer appreciation day:
Increased value in the market – Showering appreciation helps in showing that the customers are valuable to the organization hence making them feel valued and loyal towards your business. Companies that have more satisfied customers tend to have better reviews and feedback thereby gaining a competitive advantage on the market compared to those who don’t.
Higher retention rates – Like any partnership, customers who feel appreciated are much more likely to become repeat customers thus forming a meaningful and long-lasting relationship. If the customer develops a positive association with your organization, they are more likely to come to your business with their future needs.
Increase profit – Studies show that loyal customers who purchase products and services spend 90% more often with your business and 60% more at every purchase. Thus a loyal customer is five times more likely to return to your business than a customer who isn’t loyal. In addition to this, customer profitability tends to increase over the period for a retained customer as once the trust is built they are more likely to purchase more products or services.
Positive word of mouth – When a satisfied customer discusses your product or service positively whether it’s via word of mouth, online forums, reviews, or emails, it creates a good impression and benefits the business immensely. A loyal customer who feels valued helps to generate organic referrals and leads for your business.
While multiple facets dictate the success of a business, the customer dynamic should always rank when it comes to the forefront of any business’s agenda. Customer appreciation is one of the biggest investments an organization can make to ensure that their business harbor its current success, retains customers that are loyal to the brand, and continues to grow and progress. And Customer Appreciation Day can be used to leave a positive impression of your business for a possible subsequent opportunity.
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