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Customer Loyalty: Let Them Grant You a Monopoly

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What business is your absolute go-to place? I have some stores like this. I’m happy to make them a monopoly and give them all of my purchasing power. Why? They have a culture of customer loyalty. They completely take care of my needs. I don’t feel a need to shop around because they’re paying attention, and they know how to make my life easier.

Why would a customer want to give a business a monopoly of their attention and money? It takes time and effort to find a business that offers what you are looking for as a customer. Once they find the right fit, it’s easier to keep frequenting that business. Once happy with a decision, most customers will stay with that choice unless given a reason to change.

Establishing a culture of customer loyalty doesn’t happen overnight. It requires the right strategies and incentives in place to create an environment where your customers want to come back again and again. How can you begin creating opportunities for customers to monopolize your business?

 

Loyal Customers Consistently Have Their Needs Met

Take some time to understand what makes your best customers tick, why they might buy from you, and how many times they might do so. Use surveys, phone calls, interviews, focus groups—whatever works best for you.

You should also try to understand as much about your customers as possible—where they shop now (and why), how often they buy what you want them to buy, and whether that purchase will be easy (and important) enough for them to remember where they bought it.

Instead of assuming that your customers will stick with you just because they like your products or services, start thinking about ways that you can make them feel loyal without making it an effort for them.

For example, if someone says he loves going to restaurants for dinner because his favorite dish is yours, offer him an exclusive dinner membership card where he receives special deals and discounts. In doing so, not only are you creating opportunities for him to buy more from you but you’re also showing him how much his loyalty means to you.

 

Loyal Customers Feel At Home in Your Space

A culture of customer loyalty begins with making customers feel at home. If you’re not looking for repeat business, chances are you won’t get it. This means that treating your customers like VIPs should be something done on every single interaction with them, whether they’re first-time customers or regulars who come in every other week.

Make sure that new customers feel welcome, valued, and appreciated by providing them with an experience they can’t find anywhere else. This is also important for established customers; don’t let their business become routine—remember why they started shopping with you in the first place! Show them that you appreciate their business, and they’ll keep coming back again and again.

Building customer loyalty has more to do with building relationships than it does with clever sales techniques. Instead of trying to get customers in and out as quickly as possible, make an effort to know their names and really listen when they’re talking. The more connected you feel, the more likely they’ll be to come back for repeat business.

 

Empowered Team Members Create Loyal Customers

By now, you know that I’m a huge fan of taking care of your frontline workers and team members. Once you’ve created an emotional connection with your customers, it’s time to ensure that loyalty extends from your brand down to your team members.

Nothing creates loyalty like word-of-mouth recommendations from happy customers. One of the best ways to develop these raving fans is by empowering your team members.

Customers love feeling appreciated and valued. When you treat your team members well, they will reciprocate by spreading good vibes about your brand.

 

My Example of Customer Loyalty Culture

Farm to Paw Pet Boutique has earned a monopoly on all things pets for many customers. The stores are fun, and they’ve done a great job with their branding. Let’s go beyond their branding and into the experience.

They sell high-end raw food, healthy kibble, dehydrated food, treats and pet toys. They understand that their customers aren’t just pet owners – they are people who are passionate about their animals, view them as family members, and want the best health outcomes for them.

They encourage people to bring their dogs into the stores. Pictures are often taken and posted on social media – “Look who visited us!” The relationships and connections with their customers and dogs have created a raving fan community that includes me! I live 25 minutes away from the closest store, yet my neighbors and I have no problem making that drive. It’s altogether a different operation compared to your average pet food store.

I love the idea that customers can bestow a monopoly on businesses that have great teams who build relationships and completely take care of their customers’ needs as opposed to customers feeling forced to give a company business due to market interference!

Who are your best customers? Have they given your business a monopoly of their purchasing power and attention? How can you create an earned monopoly relationship with customers so once they’ve chosen your business, they only want to keep coming back to you?