In this instalment of our eBay Elevate webinar series, business expert Joanna Michaels shares her essential tips and advice to make your customers feel special and more loyal to your business.
How to build customer loyalty
Customer loyalty is the ongoing dedication of a customer to a brand. It manifests itself by how willing a customer is to engage with and repeatedly purchase from your business, versus your competition.
Returning customers will often bring in more revenue compared to new customers. So focusing on keeping existing customers happy can be the key to unlock growth, even during more challenging times.
The latest webinar in our new eBay Elevate series, in partnership with Small Business Britain, has been designed to help you do exactly that. As business expert, Joanna Michaels, shares her essential tips to build customer loyalty.
If you missed it, fear not! You can watch the webinar on demand below. We’ve also summarised the key takeaways from the session in this blog post.
Key benefits of customer loyalty
There are many benefits to customer loyalty, such as:
It’s a great way to measure the quality of your product
It can help you with planning and budgeting decisions
Loyal customers are a great way to gather honest feedback and insights
Loyal customers refer your products to other consumers
Loyal customers aren’t easily swayed by price or availability
The value of customer loyalty
The above can also translate into a range of financial benefits for your business. For example:
The probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is 5-20% (Invesp, 2021)
Customers tell an average of 9 people about a positive experience with business, but they tell 16 people about negative experience (Forbes, 2019)
Over 83% of customers say that belonging to a loyalty program influences their decisions to buy again from a brand (Yotpo, 2022)
Practical tips for fostering customer loyalty
1. Integrate your online store into your website and spend time personalising your eBay Shop
2. Prioritise quality to inspire advocacy from your existing customers
3. Introduce a loyalty programme!
4. Use free shipping and offer delivery within 3 days where possible
5. Invest in excellent customer service
6. Be proactive in asking for feedback - and act on it
7. Build loyalty with email marketing (or with newsletters via your eBay Shop)
8. Build trust and make yourself likeable
Be sure to watch the webinar on demand for more tips, as well as customer loyalty case studies from Nike and Paynter!
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