The “Customer is King”is a well-known marketing slogan, and it is imperative to keep the King happy and satisfied to have a long lasting healthy relationship. With an ever competitive business world, it has become all the more important to keep customers loyal to their products. Due to competition customers have multiple options to opt for e.g. in the case of the e-commerce sites, where nowadays customers compare the same products from various websites and buy the product from the site which gives them the best value for money, in other words, gone are those days when the people preferred going to one shop for their requirement.
Why do businesses fail to garner the loyalty of their customers? One of the reasons is that companies fail to listen to their customer requirements. Companies are fixated on improving their products and services but the customers won’t accept the product if it doesn’t suit their requirements which was the case of the one-time mobile manufacturer giant Nokia. The company focussed on the improving their technology and products without taking into consideration the actual need of the customers. Nokia concentrated on their product so much that they ignored the fact that the needs of the consumers have changed which led to their downfall.
The very reason business is done is to earn a profit and make money, and this can be achieved if companies pay attention to what the customers are saying. How do they do this? Companies conduct online surveys, strengthen and make their customer services robust, and take customer feedback very seriously. It is due to this reason Hindustan Unilever has become one of the companies with the largest Market Cap. The company listens to the consumers and tweak their products as per the customers requirement.
Like in the Philippines to increase their sales of deodorant in the rural areas of Philippines, after some trial and error to know the customer preference, the company started manufacturing a cream version of the deodorant which was pocket-friendly to the target customers. This strategy made the cream version of the deodorant one of the most significant selling products in that region. Unilever understood the customers’ requirement and developed the product suiting the end users, thus gaining the loyalty of the customer and customers like to be associated with those companies who build quality products as per their need and wants.
Communication is an essential part of making a customer loyal to your company or brand. Excellent quality of communication also goes a long way in breeding customer loyalty. The customer feels good that the company whose product they use shows their appreciation by communicating with them for regular feedback or keeping them in the loop about the new products they are launching/ plan to launch whether it be by making use of the traditional method of calling the customer or by sending a mail demonstrating the consumer that they are valued and will gain their loyalty. With the ever-evolving communication channels such as social media, email marketing, digital marketing it has become effortless to communicate with the desired audience in an effective manner. Many companies also hire a Client Relationship Manager for catering to the needs of their customers.
It is crucial for the companies to have a clear understanding of their customer to make their business sustainable. Failing to do so will lead to the downfall of the companies, as for any company to survive the primary requirement is to have customers who are loyal to them.