STUDENTS' CORNER - 203

Loyal Customers 

Let me share some vital information regarding customers. 

‘Know your customer’ is the buzz statement heard all around; all the same, the significance of the statement never loses its force of appeal because, obviously, customer is the breath of the business.  The more you know your customers the more effective will be your business-decisions.

Experts also talk of customer experience; let us see what it means.  It refers to a range of feelings of your customer from being just aware of your product to being a loyal customer to your products. They term it as ‘Marketing Funnel’

Let us briefly see what this marketing funnel has to say and share. The customer says he has heard of your product, your brand. This is just being aware of the product; he knows such a product exists and nothing more. Of course, you know today the customers are more informed than they were in the past. Umpteen numbers of channels keep reaching out to the customers.  With ever increasing digitalization particularly in the commercial region,  the access to any product’s information is easiest. Mouse brings the whole business world with its multifarious products and services; moreover, celeb ads compel the customers’ attention.  Just being aware of the product does not immediately fetch business to you; all the same being not aware of it the customer does not care much but it reflects rather inefficient approach to the business by the company

At the next level, the customer says he is quite open to try your product but he has not done it so far .It is a little better than mere awareness of the product; he is ready to use it; that is, he has not developed any strong negative attitude towards it. Possibly, the brand he is already using it has given him so much satisfaction that he has not thought about switching the brand.  Habits die hard; he goes in for the brand he is using it rather instinctively and it is very difficult to fight this feeling and habit of instinctive buying.

Decreasing the distance between the product and the customer demands focused analysis of the market as well as of the customer’s profile particularly his buying behavior.

In the next stage we find the customer has already used your product in the past and has not given thought to reusing it. Possibly, the customer does not take using the new brand seriously because of his preoccupation with things other than brand consideration. Sometimes some customers use your brand only and not any other brand. From here, this stage, the next jump is more significant. He will use your brand as long as it is available. Now, we have a loyal customer.

Customer analysis is concerned with turning as many customers as possible into loyal customers. Ultimately, loyal customers become rather unpaid ambassadors of your product.

Next we will see what the business houses do to retain the customers; that is, to keep the customers loyal to the company.