It is on average six to seven times more expensive to attract a new customer than it is to retain an existing one. Branding saves you money by building customer loyalty.
You can never overestimate the value of your loyal customers. In most cases, loyal customers account for most of the ongoing business revenue.
Loyalty, of course, works hand-in-hand with consistency. It’s so much more comfortable as they are already familiar with what you offer and you also know how to fulfil their expectations best.
This makes the cost of sales decrease with each new sale and dramatically boosts profit margins.
We live in highly competitive times, and customer loyalty is so much more than repeat business. Loyalty is when your client base will ignore your competitors’ attempts to win them over by undercutting you on price.
75% of people are likely to share a good brand interaction on social media.
How do you nurture loyalty through branding?
By committing to stay top of mind with your customers through regular brand communications campaigns which are consistent with your core brand message.
Depending on your industry this can take many forms, but it will undoubtedly be a mix of offline and online communications.
Branding is the ultimate tool to build and nurture client loyalty. It combines visibility, differentiation and consistency.
You can then focus on delivery and less on new business, safe in the knowledge of having a healthy and faithful client base.
The brand performance scorecard
Benchmark your brand’s performance with our FREE assessment.
Many businesses struggle to assess their brand’s commercial value. Taking the brand performance scorecard test will give you valuable insights on how to grow a stronger brand.