business focus


Chartered accountants Haines Watts presents a series of articles based on its blogs. It offers analysis, reviews and comments and welcomes your feedback at hwca.com/blog


of the month Loyalty pays writes Jane Wills, partner at Haines Watts


Many of the business owners I speak to are preoccupied with client acquisition and who can blame them – you have to get new customers to grow. But if we’re to believe the research that it costs seven times more to win a new customer than retain an existing one, then there’s a clear case for using your resources to build customer loyalty as well.


Customer loyalty doesn’t come overnight, it has to be earned and requires commitment. Real loyalty is a reciprocal behaviour – it comes from understanding


client needs, respecting them, offering products or services that are relevant and creating great experiences.


Great experiences don’t have to cost a bundle; from sending a well-timed thank you to a client on social media for leaving a positive comment, to presenting them with an unsolicited gift for being a long-time customer – thoughtful actions make an emotional connection and build loyalty.


Loyal customers are worth the investment as they are


typically more profitable than others:


• They stay longer and are less likely to be tempted away by your competitors.


• They buy more often.


• They cost less to look after because they are familiar with your products or services.


• They are advocates for your business – promoting you at no cost by word of mouth, on social media and on review sites.


Keeping these clients is an essential element of growing a successful


enterprise. So start building loyalty today – one customer at a time.


For further information: hwca.com


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JIB033.02.17


THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2017


businessmag.co.uk


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