Ah, customers. The great unknown of retail and commerce, as despite the millions that companies spend in the pursuit of attainment it is always individual consumers who will ultimately determine success or failure for a brand. This is a sobering thought, especially for anyone on the cusp of entering into business for the first time.
In truth, there are two key stages to commercial success. The first revolves around building an initial consumer base and initiating the customer cycle, marketing and selling products (or services) to a targeted audience. This is crucial to initial business success, while it also lays the foundation for future growth.
The Key to creating returning custom and website visitors
An estimated 50% of businesses still fail to survive beyond the first year of trading, however, and there is one seminal reason for this. This relates to failure in the second stage of commercial success, as businesses look to create return custom and build the type of genuine brand loyalty that optimises profitability over a prolonged period of time. Without this, you will either have to constantly win new business until the market has been saturated, or stand idly by as you gradually lose ground to more progressive competitors.
So what is the key to creating returning custom?
In truth there are many elements that contribute to this, but the underling and most important factor remains your unique value proposition as a company. This can be built on a unique set of brand values or the innovative nature of what you are selling (or both in some instances), but the key is to create a clearly defined market proposition that engages customers and incentivises them to partner with your brand. Without, it is difficult to distinguish your product or service and build long-term loyalty in a competitive marketplace.
In terms of achieving this, there are several examples that you can strive to learn from. Online casino sites such as Titanbet Casino UK offer a relevant case in point, as they operate in a highly lucrative and competitive market where hundreds of similar brands offer what is essentially a similar service. To negate this, the market leading firms create a value proposition that makes financial sense, usually by offering generous promotional incentives for new customers and recurring bonus packages for those who remain loyal.
These essentially translate into free profit, while they also create a rapport with customers and build trust through mutual partnership and consideration.
The Last Word
This type of financially-motivated incentive and value proposition may not work for your brand, but the principle that underpins it remains the same. More specifically, brands must offer something of innate value to customers, whether this is market leading quality and durability, low costs or cutting edge technology that delivers unique benefits. This value must also be communicated as clearly and as consistently as possible, as this cuts through the noise of crowded markets to reach your targeted audience.