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10 Tricks Successful Businesses Use To Keep Customers Loyal

10 Tricks Successful Businesses Use To Keep Customers Loyal

So you want to run a successful business do you? While it definitely takes a lot of hard work to do that, you might be surprised by how simple the steps are in regards to reaching that goal. Indeed, at the foundation of every expanding business lies the customer. For your company to be the best it can be, it has to be run in a way that focuses on expanding the number of loyal, repeat customers that you have.

Don’t worry. Finding new customers and keeping them happy doesn’t require a huge monetary investment on your part. All it takes is a bit of care, consistency, creativity, and hard work.

Now, onto the specifics. What do successful businesses do to grow a loyal group of customers? Get out your pen and notepad because I’m going to lay it all out for you.

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1. They have standards.

Is anybody else here a fan of Gordon Ramsay’s Kitchen Nightmares? Well, whether you are or not, the show teaches us all a simple lesson about running a successful business: setting standards and expectations are a must. When employees know what to expect, and are given clear direction, the company runs more smoothly. And when the company runs more smoothly, the customer takes notice.

Of course, you can always leave room for improvisation, but you want the core values of your business to stay consistent. If you do that, customers will in turn reward you with consistent purchases.

2. They flaunt what they’ve got.

Okay, so perhaps it’s not so obvious as that. However, it is true that successful businesses are able to subtly inform potential customers exactly why they are great, and in turn why they should bring their business to this business. They don’t brag, but they aren’t too modest either. Take Apple or Samsung, for instance. Their smartphone commercials do a great job of revealing exactly how and why their product will improve their customer’s lives. This technique works in nearly every industry. You just need to figure out how to get your positive message out to your customers.

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3. They make use of data and analytics.

The use of “analytics” is a growing trend in business, with sports perhaps being the best example. Teams, like the NBA Houston Rockets, analyze hundreds of data points and collected statistics in order to improve their product. This, in turn, acquires more customers/fans. Of course, you don’t have to be a major sports team to make use of the same concepts. Keeping track of customer related data can be an easy and effective way to determine whether your satisfying their needs sufficiently. All it really takes is some basic mathematics and a few hours a day in Excel — so get cracking!

4. They communicate.

Most successful businesses have some method of communicating with their customers, whether it be through little surveys, employee interaction, or something else that’s more outside-of-the-box. It is most important that customers feel like they are heard, and that you are receptive to their ideas. One of the most successful businesses in the world, video-game company Blizzard Entertainment, is famous for this. They make a point of interacting with fans on a daily basis through online message boards, gathering data, conversing with them, and making note of their ideas. Take notice of your customers, and they will return the favor.

5. They stay on the cutting edge.

When you go to most successful restaurants these days, you’ll find that they don’t have wood paneling on the walls and disco balls attached to the ceilings any more. Smart businesses know that they have to keep up with their customer base, not only because their wants and needs are constantly evolving, but also because everyone gets bored of the same old thing after a while. Just look at McDonalds, as an example. Years ago we were just fine with their offerings. However, nowadays their burger lineup seems drab and disappointing compared to some other establishments. Whatever field your business is in, it’s best to stay abreast of what is hip and happening at any given moment, as that will help you retain and gain customers.

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6. They add incentives.

As a way to say “thank you,” many successful businesses have something akin to a loyalty program. Take Starbucks for example, where if you buy something on a daily basis, you will eventually have access to a bunch of perks (that include discounts and free drinks). You don’t want to bribe your customers, per se, but it’s always nice to give back a little bit. If you want your customers to be loyal to you, then you need to show some loyalty to them as well. A “thank you” can come in many forms as well — even a simple e-mail thanking a customer for their visit is a nice gesture, especially if you don’t have the resources to be giving out any freebies.

7.  They make their product both affordable and valuable.

In this day and age, running a business means catering to one of the fastest growing consumer bases — millennials. To capture that market, you’ll need to ensure that your product is reasonably priced and offers a lot to the customer. Sort of like Netflix, where you get so much for your $7.99 subscription that you almost feel like you’re ripping them off. Whatever your business is about, you’ll have to find that healthy balance where your customer feels like they are getting a lot, while all the while you’re still making a decent living. Not easy, but it’s one of the best ways to rapidly gain customers.

8. They use social media in a clever fashion.

Has anyone else followed Taco Bell’s Twitter account? The hilarious, sometimes self-deprecating nature of its tweets are great. Taco Bell does a perfect job of selling its product to its main customer base. Now, you don’t have to be as good as them, but you should try and acquire some kind of social media presence, especially if you want to touch base with the aforementioned millenials. Not only can social media be used as a way to advertise more cleverly, but you can also use it to communicate with your customers. It’s sort of like killing two birds with one stone!

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9. They have a smartphone app.

This section ties in to what I was talking about in regard to incentives above. With so many people tied to a smartphone or tablet these days, it’s crucial to get your business onto the iPhone App Store and Android’s Google Play. Through your app, you can offer loyalty rewards, and connect your customers to your social media accounts and other promotions. It’s the perfect way to tie several key aspects of the customer experience together!

10. They use gimmicks to build hype.

Can you say “McRib” with me? Or how about IHOP’s free pancake day? Or what about World of Warcraft’s yearly April Fools gags? All of these might seem to be superfluous things at first glance, but they all play a role in getting each of those companies extra business. There are certain things you can do to make your company stand out, whether it’s creating a satirical piece relating to the product you sell, or crafting a limited time product that is just crazy enough that people will feel a desperate inner need to go and buy it right then and there. Come on, we’ve all been there with the McRib. Don’t lie and tell me you haven’t.

Of course, you should keep the gimmicks to a minimum. All I am saying is that a few, well-timed, spaced out promotions like the ones laid out above just might give you more of a return on your investment than you initially bargained for.

Are you a business owner? What are some of the things you do to build brand loyalty and grow your customer base? Comment below!

Featured photo credit: Business School/University of Salford Press via flic.kr

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Last Updated on May 15, 2019

10 Most Successful Entrepreneurs and What We Can Learn from Them

10 Most Successful Entrepreneurs and What We Can Learn from Them

Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

1. Melanie Perkins: Know Your Worth and Keep Trying

    Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

    She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

    Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

    2. Bill Gates: Keep Learning and Exploring

      If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

      Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

      He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

      “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

      Gates’ success is built on self-improvement and the seeds of an idea.

      3. Elon Musk: Never Stop Innovating

        Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

        Elon Musk, however, breaks that rule.

        Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

        When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

        Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

        4. Richard Branson: Develop People First

          British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

          The billionaire is strongly particular about working with a team that shares his core values and aspirations.

          Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

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          A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

          Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

          5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

            Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

            For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

            While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

            While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

            6. Mark Zuckerberg: Start Small, Think Big

              Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

              “The biggest risk is not taking any risk.”

              He’s always daring to explore with a fearless mindset.

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              The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

              However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

              7. Steve Jobs: Live Your Own Dreams

                Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                8. Warren Buffett: Balance is Essential to Success

                  Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                  After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                  With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

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                  9. Jack Ma: Never Give up

                    On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                    Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                    His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                    Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                    10. Tan Min Liang: Passion Can Pay Off

                      Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                      Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                      The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                      So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                      Final Thoughts

                      In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

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                      Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

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                      Featured photo credit: Patrick Tomasso via unsplash.com

                      Reference

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