What is Brand Loyalty?
The answer is very straightforward. It’s what motivates particular customers to repeatedly purchase goods or services from the same brand, with little regard to price, because of their perception that the brand is of higher quality than that of their competitors. Companies with stronger brand loyalty grow their revenues two-and-a-half times faster than their competitors. Increasing brand loyalty is crucial to retail businesses because the retention of loyal customers is much easier than the acquisition of new ones. A whopping 65% of revenue in most companies comes from repeat business with existing shoppers.
How to Build Brand Loyalty
As demonstrated above, creating brand loyalty for a company is vital for the growth of the company. To build it and maintain it, keeping up with industry trends, understanding prospective and existing customers, and, most importantly, embracing digital technology is paramount.
That means having a Point-of-Sale (POS) system such as NCR Counterpoint software is essential.
Why use a POS system?
A POS improves your customers’ experience by engaging them on a more personal level. NCR Counterpoint comes with an integrated customer loyalty program that does just that. With this system in place, your business can track customer spending, analyze their behavior, and tailor your marketing efforts to better engage your customers. Creating an intimate, personal relationship between the brand and customers inevitably leads to larger profits for retailers.
Achieving Brand Loyalty
Brand loyalty programs involve loyalty cards, cash-back opportunities, rewards earnings, and, in the world of today, mobile phone apps. Let’s face it. Everyone is on their smartphones nowadays. Companies must go to where their existing customers are and where they can encounter the familiar, trusted brand. That means taking advantage of a mobile loyalty program. Allowing customers to make – and keep track of – their purchases from their phone, and see the benefits of their relationship with the company in a clear and concise way keeps them coming back. And, of course, this allows businesses to personalize their communication with the customer and to nurture their relationship, eventually boosting revenue.
The success of a business’s loyalty program depends on how they directly speak to the customer. Modern consumers want to feel that their voices are being heard, to be provided quickly and easily with the services and products they need, and to be rewarded for making their purchases.
When customers are utilizing this user-friendly software to make purchases, compiling and tracking data about each of them is easy!
Another beautiful feature of a POS is its centralized operations hub for completing transactions and managing your inventory in real-time. Since sales data continuously passes through it, your company can easily see what’s working and what’s not. Savvy retailers not only track customer feedback but implement it to make better business decisions.
At the end of the day, POS systems enable businesses to increase loyalty, enhance the customer experience and stay on brand to remain competitive with larger companies.
