What is customer appreciation?
The steps that you take to recognize and honor the value of a customer to your business are called Customer Appreciation. The main focus is on building long-term relationships with customers and providing comprehensive service. This guide is most relevant to actions that will make your customers feel appreciated and understood.
Why is it important to show appreciation for your customers?
Appreciation of customers is important for many reasons.
- Increase your client retention rate Customers appreciate unexpected gifts from companies they have previously bought from. These customers consider customer appreciation gestures to be a major factor when deciding between companies. Customer appreciation is a great way to encourage brand loyalty and return customers.
- How to increase customer lifetime value Your Customer lifetime value is the numerical representation of how much revenue each customer brings in for your company. This number will increase when your customers continue to make purchases. You will earn more revenue every time you gain a new client if your CLTV is higher. Appreciating your existing customers is the key to reaching peak CLTV.
- Differentiating you from the rest. Not all companies are willing to show their appreciation to customers. You can add value to your business by going the extra mile. Customers won’t find this with competitors. This can lead to easier customer acquisition and, because your new customers feel valued, increased retention.
- Providing support during a crisis. Imagine that your business suffers unexpectedly from major property damage, or an expensive cyberattack. You’ll need to quickly find new revenue in such situations. Engaging the most valued customers can be a great way of generating additional revenue. Your initiatives, whether they are a fundraising event or standard sales, will be more successful if your customers are loyal.
How to develop a strategy for customer appreciation
Consider the following steps to create and implement a strategy of customer appreciation that will encourage repeat business and retain customers.
1. You can identify your customers by their types
Most businesses interact with 6 types of customers. Each type requires a targeted approach. Below are some tips for showing appreciation to each of these customer types.
- New Customers. An individual who has never purchased from you before is a new customer. You should thank these customers for their business and give them access to exclusive offers. Direct mail or email marketing campaigns can be used for both.
- Potential Customers. Consumers are more likely to buy their first products from companies that show them appreciation. Potential customers are therefore the key to any strategy of customer appreciation. Look at those who have visited your site, subscribed to your newsletter or contacted directly you. You can direct them to your content and be available to answer any questions or offer advice. You’re more likely convert them to a new client once they make a purchase.
- Impulsive Customers. When shopping, impulse shoppers are more likely to follow their feelings and urges than logic. You might notice your storefront while walking around town, and they may stop in after seeing online discounts. With these customers, the goal is to provide deals that will turn their impulse to purchase something unplanned into an actual purchase.
- Discount Customers. In some ways, discount customers are opposites of impulsive clients. They will only purchase your products if you offer them a price cut. This means that they are logical and plan their purchases. Repeat purchases are unlikely unless your service is constantly discounted or you provide an unmatched level of customer service.
- Unsatisfied Customers. People who are unhappy with your product or service can become fans of it. Addressing Negative Reviews will make your customers feel heard. If you can fix the problem, you may get them to return.
- Loyal Customers. Out of all the types of customers, loyal customers may be the easiest to include in your customer appreciation strategy. Since these repeat customers are already emotionally connected to your products or services, showing them appreciation is a natural thing to do. Your customer loyalty program can be a strategy for customer appreciation in and of itself. Find out more by reading below.
2. Customer loyalty
Did you know that keeping current customers is up to 25 times cheaper than getting new ones? The value of customer loyalty in your appreciation strategy is evident from this statistic. Loyalty is the best way to make customers feel appreciated. Loyal customers will fill your bank account with money again and again.
Customer loyalty programs can include many different options, including punch cards, emails rewards, business partnerships and gifts for special occasions. You’ll have to choose the right loyalty platform, decide the structure of your program, and then promote it. Your loyalty program must also be customizable, omnichannel, integrateable, user-friendly and not just based on money.
3. Retain customers by taking additional steps
When it comes to retention, your loyalty program is just the beginning. It is important to collect feedback from customers, to communicate with them in a personal way, and to prioritize accessibility and service. These steps will show your customers that you appreciate their contribution to the smooth running of your business, while also reminding them why they should continue to buy from you.
4. Customer satisfaction is important.
A satisfied customer will also feel appreciated. This is very important. Four out of five customers who have a positive interaction with a company are likely to buy again. In other words: Taking steps to show your appreciation for customers will likely lead to increased sales.
Try launching an online customer community, offering rewards for certain purchases and making your customer service available 24/7. There are literally hundreds of approaches to customer satisfaction that you can use. What they all have in common, however, is the focus on making your customers happy. When customers have negative experiences with your business, they may write bad reviews which can discourage potential customers.
5. Gifts to show your appreciation for customers
This guide to customer appreciation is likely to have a theme of discounts and rewards. Gifts are a great way to show appreciation and they’re always a good time to give. Gift-giving occasions are plentiful, including birthdays, holidays and Customer Appreciation Days.
You can also give customer appreciative gifts, such as free samples, gift certificates, coupons and branded products like totebags and office supplies. Customer appreciation gifts can be as simple as thanking customers for their orders in letters, emails and cards.
6. Celebrate customer appreciation with a special event
A quick thank you with a gift or some kind words is one thing. A customer appreciation event that lasts for an extended time period is a more impressive and memorable gesture. These events are full of energy and positive vibes, which will help to connect your company with positive emotions. This can lead to repeat sales in the future.
Try something simple like a meeting with your customers or extravagant, such as a party. You can show your appreciation for customers in a B2B business by taking small gestures, like coffee breaks or video conferences with open feedback.
7. Promoting your customers
Businesses of all kinds, but B2B businesses in particular, can promote more than just their products and services. Customers can be promoted by businesses, which can in turn become a form product promotion. You’re simultaneously promoting both the product and your customer when you look at customer testimonials in software applications. These testimonials are aimed at potential clients, while also praising a client.
Displaying trust logos is another great way to promote your business. This shows clients how much you value their services and are grateful for them. If a client knows that you value their business, they are more likely to pay for your products and services. A little public appreciation can make a big difference in B2B.
8. Practice empathy
You can better understand your customers if you know where they are coming from. customer sympathy map will help you to do this. Your empathy map will help you approximate the thoughts, feelings and pain points of your customers. You can use your empathy map to identify what the customer sees, hears, does, says and gains from your brand. After you have established all of these considerations you can reach out to your customers on their level.
You’ll be able to understand the feelings of your customers when you are on their wavelength. When you thank customers in this way, it will appear that your appreciation is genuine and not just to make a sale.
9. Customize your service
The effectiveness of blanket mailing customers is decreasing every day, thanks to the many communication channels that consumers have at their disposal. Personalize your service to make your customers feel as if they are interacting directly with you. A personal touch is much more memorable than a generic, copy-pasted interaction.
Automating your personalization process can be a great way to streamline the process, but there is nothing like talking directly with a human being. Asking a customer about their experience with your products or services shows you value the customer’s purchase and input. The customer is more likely to give further feedback and make additional purchases.
You’ll be pleasantly surprised by the results of a program to reward your customers.
You may have initially thought that customer appreciation programs were just fluffy, feel-good initiatives. But now you understand why all businesses – including yours – should adopt them. This guide will give you a range of ideas on how to create and implement your customer appreciation program. The Learning Center is a great resource for more ideas.
