by Esther Bendayan | April 8, 2020
Retail is changing. Today, people are craving a sense of community more than ever. This means that in order to be competitive, retailers must foster communities built of loyal consumers.
According to the online marketing research company Constant Contact, loyal, repeat customers spend up to three times more than new, first-time customers. According to Forbes magazine, beauty brand Glossier attributes 90% of their revenue to returning customers; Glossier’s revenue surpassed US$100 million in 2018; double from the year prior.
Repeat customers are essentially brand ambassadors and they will eagerly generate positive business buzz and, in turn, grow your revenue. Keep them satisfied and you’ll be able to attract a similar community of people who share the same needs and interests. But fostering a sense of community isn’t a simple as you may think. In fact, many brands struggle with it. Here are three tips for growing your brand community and examples of retailers doing it right.
Facebook, LinkedIn, Instagram and Twitter all have the potential to take your business from bucks to billions. These platforms are completely free (with the option to sponsor content and reach a larger targeted audience) so businesses of any size can form relationships with their consumers. Make sure to maintain a consistent posting schedule and monitor your social performance so that you can learn what your audience likes.
Brands like Nike have used their social media platforms to their advantage by creating campaigns such as the 30th anniversary “Just Do It” Colin Kaepernick campaign. According to the previous Nike CEO, Mike Parker, this campaign drew record engagement.
Tradeshows, user conferences and webinars are other ways to form special bonds with your customers. If your business is strictly online, this is a great opportunity to meet your consumers. Meeting a client in person can help them get a better feel of your brand, which will increase loyalty. If hosting or attending larger events are out of your budget, webinars are more cost-effective ways to connect and communicate. Sephora regularly hosts events in their retail locations to connect with customers and promote new launches.
This is an important step when it comes to customer retention. Building a brand that aligns with an individual’s values and beliefs will help people identify with the company, and will ensure that they remain loyal. A brand that does this persuasively is Amazon. Most people know that Jeff Bezo’s launched Amazon in his garage with little cash flow. To many, Amazon is the image of success that many people can aspire towards. Sharing your story with the public can benefit your company.
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