If you are starting a business or implementing strategies to take an existing one to the next level, below is a useful piece of information that can help you.
Build a loyal customer base.
Whether you are building a sophisticated technology company or a small roadside restaurant, not focusing on creating a loyal customer base for your company might hamper your success and growth. Successful businesses are built from the heart. Their founders first identify the pains and needs of their customers and solve them. To them, the mission of solving customer’s pains trumps their desire for money and fame by far. Odds are that your business would grow faster than you think, if you pay attention to your customer’s needs and make consistent effort to satisfy them. That is how simple it is to build a business from the heart.
To focus on building a loyal customer base is crucial for business growth. Companies with reliable customer base grow faster and consolidate their future more securely. Starting a business by focusing on the customer is useful also for building trust and creating repeat sales. To my mind, the entire process of starting a business boils down to one thing – understanding your customer’s pains and resolving them. Since the customer is at the center of the business, it is good practice therefore for the entrepreneur to treat them cautiously as he or she gradually scales operations. Like it or not, customers are crucial parts of business and to not treat them with respect is tantamount to losing them to competitors.
Starting a business by focusing on the customer is a key strategic objective that will not only generate revenue, but useful also for taking a business from startup to a large company. Here’s the key; at startup, founders connect with early evangelists to validate their business models and make the first sales. This is the practice when starting a business. But to take a startup business to the next level, the entrepreneur needs to look beyond early evangelists and attract mainstream customers. This transition requires new capabilities part of which is creating a loyal customer base.
Let’s examine the key facts here…
Starting A Business And Creating A Loyal Customer Base
Businesses thrive on repeat customer patronage. A loyal customer base is synonymous to creating a group of individuals and companies who are excited to buy from the company. The objective is to serve mainstream customers and convert them to repeat customers over time. This is what it takes to achieve sustainable growth, which can be facilitated by two strategies – positioning and branding.
Positioning involves making bold impression, or claiming reputation in an ideal customer’s mind about your company’s value propositions.
It is useful for:
- Building trust for your value propositions, and
- Giving customers reasons to believe in it.
With positioning you can help prospective and existing customers to understand why your business is different from competition, and why they should buy your products. You need to articulate your positioning message for your customers to clearly understand what you are doing differently to add value to them. When executed consistently, positioning can convert those customers into loyal fans for your business.
Consider what you can do to create more happiness and satisfaction for the customer. Think about ares to distinguish yourself such as offering quality products, excellent pricing, or superior customer service. Starbucks became the number one coffee company by offering the highest-quality coffee in the world. So when creating your positioning statement, be clear about your unique value propositions, and offer them consistently.
Many companies create buzz around their products and services by offering consistent themes that capture the essence of their business through advertising. The goal is to create a perception for the company by constantly delivering a unique name, image, slogan or story which customers can relate easily.
When starting a business, it is important for the entrepreneur to consider how they can leverage positioning and branding strategies to build a loyal customer base for the business
If you’d like to learn more about starting a business and building a profitable sustainable company using a lean start-up strategy, get copy of Nkem Mpamah’s new book; The Entrepreneur. Digital copies are available on Smashwords or check out Amazon for paperback.