We realize that trust is a powerful business enabler but to what degree? When customers trust a brand, 83% are likely to recommend it to others whereas 82% would continue using that brand frequently, according to the findings of a survey by Concerto Marketing Group and Research Now. Trust not only helps create a buzz but also retains customers by building loyalty.
In fact, 20% of a company’s existing customers generate 80% of its future profits, as per research by Gartner. Positive experiences with a company can have a profound impact on the customer seeking that company’s products and services in the future. So, the question is how can you foster trust and loyalty among your customers? Let’s delve deeper into some tips and strategies, based on insights from Forbes.
Focus on quick and predictable customer experiences
In the age of e-commerce, customers are habituated to seamless, quick, and effortless services that are accessible at the mere touch of a button. Irrespective of the products and services that your organization offers, with faster and seamless services you can have an edge over your competitors. The brand Domino’s is a good example of this. It’s 30 minutes or free tag line is well known.
An article by ET CIO, Domino’s leverages an AI based forecasting model based on historical data and behavioural analysis to forecast the orders each restaurant. This forecasting happens at the local level and not the national level.
In a similar vein, Amazon too is known for its fast deliveries. Which is why Amazon is investing heavily in automation especially automated delivery solutions to maintain its competitive edge. An article by Forbes highlights that Amazon has invested millions into Aurora Innovations, a top self-driving vehicle start-up created by former Waymo and Tesla employees.
Amazon is known for its one-day or two-day shipping for its Prime members. This approach ensures that Amazon’s customers get predictable and quick services and that they maintain their loyalty to the e-commerce giant by subscribing to its Prime membership.
Focus on transparency
A successful business is one that provides its customers with the information they require. Customers will get frustrated and unwilling to engage with your business again if they are continuously required to phone and follow up. For instance, Zomato’s live tracking gives you information about the time your order is placed, when your food for the order is being cooked, when it is picked up as well as the rider’s body temperature.
According to an article by The Economic Times, both Zomato and Swiggy classified restaurants based on hygiene requirements during the pandemic to ensure customer safety and maintain transparency and trust. Also, with live order tracking both Zomato and Swiggy ensure that one is invested in every aspect of the food-delivery process. By building enough transparency in the buyer’s journey makes it easier for customers to forgive simple mistakes. It enables companies to retain their customers better even when they encounter errors or shortcoming during the buyer’s journey.
According to analytics by Sprout Social, if a company has a history of being transparent, 85 percent of Americans are more likely to continue with it amid a brand crisis.
Building trust with your customers and ensuring they have a positive experience is the first step in increasing the revenues of your organisation. One of the most important factors of success is the amount of trust established in business relationships, so get started immediately. Provide prompt and consistent service to your customers and be as transparent and participatory as possible throughout the process.