There's no denying the power of loyal customers. In fact, research by Bain & Company shows that businesses with high Net Promoter Scores- that is, businesses with a large number of happy customers who are likely to sing your company's praises - grow twice as fast as their lower-scoring peers.  However, that growth doesn't occur entirely on its own. It's not enough just to have customers that feel good about the business. Your customers need to act on the good feelings in order for that loyalty to translate into dollars and cents. Let's look at a few steps companies can take to make sure they use customer loyalty to their best advantage:
On average, an industry’s Net Promoter leader outgrew its competitors by a factor greater than two times. - Bain & Company
- Find out what makes your loyal customers tick:If your company has a high Net Promoter Score, that means it has a large number of promoters - customers who love your business and talk it up to others. How much do you know about this valuable segment of your customer base? Most of the time, businesses focus on learning more about their dissatisfied customers; to stay ahead of the competition and fuel real growth, you also need to learn about your happiest customers. What delighted them about your company? If their enthusiasm centers on the quality of your product or service, find out specific details. If they were thrilled with the customer experience, ask them what made the process exceptional. Knowing how you earned the loyalty and enthusiasm of your promoters will help you make the same magic happen with other customers.
- Meet the needs of your promoters:When you start learning more about what makes your promoters tick, you may discover certain ways you could better meet their needs. Maybe a competitor is offering something that your company currently doesn't - you don't want your promoters to look elsewhere to have their needs met. Find out more about what they want, and fine-tune your current product offerings to satisfy those needs. When the LEGO Group began using the Net Promoter Score system, they learned that many of their most loyal customers wanted to purchase small add-on LEGO kits after buying a larger set. The company made these add-on sets available, which resulted in happier customers and more purchases.
- Give your promoters great stories to tell:If you have loyal, enthusiastic promoters who are willing to sing your praises and recommend your company, you'll want to help them accomplish this in any way possible. What's the best way to help your promoters? Create "wow" moments whenever you can - provide the kind of quality and customer service that your promoters just can't wait to tell others about. Encourage your promoters to share their stories and experiences on social media, and provide platforms where they can share their stories with a targeted audience.
Customer loyalty is essential for long-term business growth. Loyal promoters save you the costs associated with customer acquisition, and they tend to increase their spending over time. Even more important, loyal customers are likely to bring in new customers by talking your business up to their family, friends and colleagues. Add these three tactics to your company's strategy, and you can make it even easier for your promoters to help your business grow and succeed.