Customer Loyalty: The Trust Factor Matters
How important is customer trust for small businesses? More important than you might think, according to a new research from Pitney Bowes that explores the role of trust in customer relationships. Indeed, trust is one of the leading influences.
Specifically, the Pitney Bowes study revealed that customer communications drive more than 20 percent of the overall trust a company receives. That trust, in turn, impacts the length of the customer relationship and profitability. Overall, the study results show that trust can drive up to 44 percent of customer loyalty, reinforcing the theory that long-lasting customer relationships are absolutely critical for business success.
"Trusted brands build upon each interaction to enable lifetime customer relationships—every customer interaction—in person, on a Web site, with direct mail, or with a call center —is an opportunity to build or break trust,” says David Newberry, Chief Marketing Officer of Pitney Bowes Business Insight.
What does this mean for your small business? According to Pitney Bowes:
- Customers are looking for companies that can provide high quality customer care which in turn gives them a feeling of being well looked after.
- Companies are also looking for a high level of competency and etiquette from front-facing employees.
- Companies can reach out to customers and exchange opinions about products and services by using digital technologies and social media.
Check out this quick video on customer loyalty marketing for some strategic tips for your small business: