IT is partnerships that make a great organisation. Advertising genius, David Ogilvy says; “First, make yourself a reputation for being a creative genius. Second, surround yourself with partners who are better than you are. Third, leave them to go get on with it.”
Actor Jeff Bridges adds; “If you change partners every time it gets tough or you get a little dissatisfied, then I don't think you get the richness that's available in a long-term relationship.”
So as a business do we value our partnerships as we should? Our partnerships with our suppliers, our staff and above all our customers?
The world has shifted from ‘transaction’ to ‘interaction’ and we need to shift too. It’s vital that businesses are about building long lasting relationships with consumers and not just out to seek a quick sale.
Vodafone recently claimed that ‘network brand damage’ was the reason for a $500 million drop in revenue last year and Hyundai Australia announced recently a recall of 227,000 cars with a faulty brake light issue that they had known about for 15 months! So why aren’t iconic Australian brands investing more in their brand loyalty?
A Readers Digest poll of the most trusted brands found that the number one reason people supported a business was if it ‘remained true to its brand’.
Just last week I heard of two local business people who were severely let down by Jetstar – one who’s return flight was delayed for hours and one who’s flight to their destination for their father’s 80th birthday was cancelled completely, one hour before take-off.
On a recent interstate trip my Qantas flight was delayed two hours on the tarmac due to minor maintenance issues with nothing but a mere PA apology to passengers. Interestingly the new brand tagline for Qantas is - ‘you’re the reason we fly’.
Looking after the customers you have is more important in today’s digitally connected world than it has ever been.
With the average person in Australia having multiple social media connections - one negative experience can be shared dramatically in an instant.
Imagine the power of turning that negative experience into a real positive one by rewarding the customer for his or her brand loyalty.
Business analysts tell us that it costs up to five times more to win over a new customer than it does to keep an existing one – so why do most brands focus the majority of their marketing budget on attracting new business?
Whether you are starting a business, establishing your brand or a market leader in your field – the only way to build a sustainable brand is with brand loyalty. Let’s look at five ways to grow your business by looking after one of your biggest assets – your current customers.
Monitor your digital footprint
Comments, good or bad, made about your brand on blog posts, forums, social media and news portals create your digital footprint. It is vital that you monitor online activity as Google now rewards ‘social chatter’ about a brand with improved page rankings for relevant search phrases.
Whether people are commenting favourably or negatively about your brand won’t matter to the eyes of Google – popular commentary across channels like Twitter or Facebook, LinkedIn groups, online customer forums and digital platforms from Australian news providers will appear more and more prominently.
Monitoring of your brand online is as easy as subscribing to Google’s free service, Google Alerts.
Here you select some keywords, for example your business name, product brands if you have them and industry triggers then every day Google will send you a digest email of links to online articles or posts that match your criteria. Set-up an account too with Klout – an clever piece of online software that measures your ‘klout’ on the web.
Share positive customer experiences
With Google valuing online social chatter – good and bad – it’s important to promote and share good brand experiences across the web.
Testimonial videos with customers featured in your business YouTube Channel and on your website, daily Tweets about your business activity, case studies of projects on a Blog and media releases about how your business is engaged in the community are all ways to create positive brand positioning.
Create a forum for comment
Facebook is a great platform for developing a brand-to-customer relationship but it must be managed correctly. Start by creating a Facebook page for your business and assign someone in your organisation to be the ‘social media master’.
Your Facebook page should complement your business so make sure colours and theme follow your brand, photos and video should be relevant to your audience – pictures from the Christmas office party are probably not appropriate and finally the topics you post should encourage interactivity and comment.
Reward your customer loyalty
PayTV network, Foxtel together with most of Australia’s leading banks continue to market attractive offers and discounts to new customers but very rarely do they reward their existing, loyal customer base.
Provide exclusive deals just to existing customers, send a personalised ‘thank you for your custom’ card from time to time with a bonus offer or run a competition on Facebook for the best ‘creative’ photo of someone using your product or service.
Maybe Qantas for example had instead of providing just an apology to passengers had offered a $50 voucher off another flight, brand loyalty would have been enhanced.
Of some 250 passengers on that flight, a $50 voucher (which in real terms to the airline is probably much less than $50 in monetary value) would equate to around $12,000 – a lower cost alternative to a full page ad in a local newspaper or magazine to attract new customers.
The bottom line to strengthening your brand loyalty is to not overestimate the staying power of your existing customers; in 2014 focus on building and then rewarding your valuable partnerships.
Henry Ford said: “Coming together is a beginning, staying together is progress, and working together is success.”
This year has been a remarkable year for the Sydney Hills Business Chamber and none of it would have been possible without great partnerships.
Our valued Support Partners, MyBoard Leaders, our Board and of course our 300 plus members whose positive, community spirit drives the growth of our Chamber and createsthe unique fabric of our society.
For more details about becoming a member of the Sydney Hills Business Chamber in 2014 please visit http://www.sydneyhillsbusiness.com.au
