How to Build Customer Loyalty for Long Term Success
Building customer loyalty by providing quality products and consistently good customer service takes time, effort and money. However, the returns are well worth what the business puts in. Loyal customers buy more, they buy more regularly, and the cost of re-marketing to them is low.
Other than the above, the most important benefit of building customer loyalty is your customers would frequently recommend your brand to others. The power of word-of-mouth advertising – widely regarded as the most valuable form of marketing that consumers trust above all other forms – is crucial for brand building.
Abiel’s management team was recently asked to share their learnings on how to build customer loyalty at a networking session. Here are Abiel’s top 3 reflections on our brand building journey:
1. Focus on relationship building
Our business philosophy is to build a lasting relationship with the customer. Abiel believes that the first time a guest stays with us is really just the beginning, and that the real value of this first stay is unlocked only when the customer stays loyal to our brand. To build customer loyalty, we treat every guest as an extended Abiel family member and tries our best to cater to his or her needs. We never chase one-time profits and every business decision is guided by a focus on building customer loyalty.
2. Constant strive to offer value for money
Our second tip on how to build customer loyalty is for businesses to put themselves in the shoes of customers to understand what matter to them. For example, Abiel’s repeat guests told us they were attracted to our apartments because they were after fully serviced, fully furnished apartments with a homely feel for their stay in Singapore. We learnt over time that our loyal customers have rental budgets around SGD3,000 a month and that they want comfortable apartments in convenient city locations with good transport links. We prioritise all our resources to focus on improving our value offering in these areas that are important to our loyal customers.
3. Love what you do
Our final key learning on how to build customer loyalty is to truly take delight in what we do. For Abiel, we are passionate about consistently offering the best place to stay in Singapore for expats. We believe that everything we project as a brand is a reflection of what every Abiel team member believes deep down in their hearts. The Abiel management team treats all our staff as family and we hold regular team-building activities to bond and share our business philosophy with every staff member.