Reinvigorating the Business Dream
Learn about business and how to boost profits...
The Value of Loyalty
There's a pivotal moment when a client evolves into a member.
What do I mean?
It’s that your clients are no longer just thinking about making another purchase. Instead, you have created a sense of belonging and have fostered long-term connections with them.
At this point, your clients no longer see themselves as occasional buyers. They’re now part of your organisation.
This transformation is typically marked by some form of membership status. And in today's world, that can take various forms, like a club affiliation, a membership card, or even an exclusive discount code.
Consider examples like Bunnings, where you can obtain a power pass, or a gym where you receive a members pack when you join. Such special treatment makes their members feel special. And it then entices them to maintain their relationship with the business for a long time.
Encourage the Transition
Now, the question we must ask ourselves is this: Is there a distinct point in our client relationships where they transition, particularly from being shoppers to customers, and from customers to cherished members?
Well, the moment your clients start receiving special attention such as exclusive invitations to gatherings or whatever fits your business model, they’ll feel like they belong to your tribe. And that's when something magical happens. You’ll start to see a level of loyalty you’ve never seen before.
The key here is to identify what will make your clients feel like they truly belong. Because without that feeling of belonging, your customers may continue buying from you, but they won’t have a sense of loyalty. They won’t see any benefit beyond convenience or habit. And that means sooner or later, they’ll leave.
Loyalty, on the other hand, is born when customers see the benefits of being a member. And when you have members with a high sense of loyalty, you’ll experience sustained business growth.
Do you have more customers or members?
I’d love to hear about it.