Customer Experience

#NRF14 Insights: What’s the Best Way to Build Loyalty? Try Improving Relationship with Customers

January 14, 2014

45 percent of customers say they’re more likely to visit businesses that respond to their reviews

Online Reviews Survey

loyalty

We’re having fun so far here at the 103rd NRF BIG Show in New York City. You know, going to parties and making special announcements. But the event is also a great learning and networking experience, and it makes the ReviewTrackers team more committed than ever to enabling businesses gain a better understanding of the ways consumers behave and interact with brands.

Here’s an example: the IBM Big Ideas Session called “Greater Expectations: What Consumers Want from Omni-Channel Retailing”, wherein we heard more insights from IBM’s IBV Global Consumer Study. The results of this study are pretty interesting, and something business owners looking to build loyalty ought to take into account. Consider these:

  • 91 percent of consumers like to share their views about their personal brand experiences with other consumers.
  • 90 percent trust recommendations (about a purchase) made by friends and family, while 70 percent trust the recommendations of other consumers.
  • 81 percent receive advice about an upcoming purchase from other consumers via a social site.
  • 74 percent of those who received advice admit that the information eventually influenced their purchase decision.

(Check out: “Retail Study Reveals that Online Reviews, Emails, Apps are Most Influential for Shoppers”)

These numbers make it clear that, in order to build loyalty, you have to be able to find ways to improve your relationship with customers, as well as create positive experiences for them.

“Consumers emphasize the fact that a consistent positive brand experience at all brand touch points across all three phases of brand interaction (particularly during the post-purchase phase) is the ‘reward’ that will most deepen their loyalty and incline them to recommend that retailer to other consumers,” wrote retail industry thought leader John Stelzer for IBM Insights on Business.

Here at ReviewTrackers, we specialize in helping business owners gather critical data on what their customers really think. Simply put: we enable them to join, listen, and respond to consumer-driven social conversations. In a social-media-driven world, our review management and reputation monitoring platform can collect, centralize, and analyze reviews and ratings from all major online review sites. These include sites like Yelp, TripAdvisor, Google, Foursquare, Citysearch, YellowPages.com – and many more. That way, businesses can more effectively engage and interact with their most vocal customers – and identify untapped opportunities for building loyalty.

How does your business built brand loyalty? What are the ways in which you reward existing customers – as well as attract potential ones? Tell us what you think by leaving a comment below.

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