The Clifton Review 

The Clifton Review is a tri-weekly column that examines the question of the Clifton project along with the evolution of the war between two billionaires. We covered the start of this war with articles describing the battle over easement rights, the mysterious burning of a home, the blocks to rebuilding, and countless questionable court filings.

While the 2018 series salutes fashion mogul Peter Nygård’s Golden Jubilee detailing his rags to riches story, his incredible business success over these past fifty years and an inside look at how he did it, The Clifton Review will also continue to address current affairs as they relate to the good of The Bahamas.

Increasing Customer Loyalty

By P.J. Malone

So a new competitor has arrived on the scene posing a threat to your business viability. If you want to be as savvy as fashion mogul Peter Nygard in addressing business threats, then you have to strategize effectively.

As previously identified, your (SMART) goal is either to ‘maintain a business customer base of 150 current customers throughout the current fiscal year, or, ‘increase the business income by 20% for the upcoming fiscal year’.

So what strategies can you employ to maintain your customers? Let’s begin with looking at advantages or strengths you may have that will help determine strategies that can be effective. 

Begin by asking yourself, what are we good at that we can leverage into an effective strategy? For example, you may have expert knowledge on a related area. You can leverage this advantage by finding a way to share it with customers.

Years ago, before it was common practice in the U.S., one real estate agent came up with the idea of studying school districts and providing information about the specific schools in an area where the agent was trying to sell a house.

That certainly would have given the agent a competitive advantage or garnered more referrals because of the added bonus she gave to her clients. Now, it is common practice for real estate agents to provide valuable information about the neighbourhood; but, every customer service practice began as a brilliant idea of one individual or one company.

In reviewing what others are doing to increase customer loyalty, two strategy examples stood out from an article, “25 Exceptional Customer Service Strategies, Tips, and Ideas” (fitsmallbusiness.com) that could be quite useful in your business. Here’s the first:

Build a Community With Your Store

Enhancing the in-store experience is critical, and brands and dealers need to come up with out-of-the-box techniques to elevate this experience in 2018. Recently, we’ve seen many successful businesses leverage their physical stores for community events, finding ways to connect with the customer beyond the shopping experience.

For instance, some auto dealerships have begun hosting community movie nights on days when the business would typically be closed. Others are offering their space to local charities or nonprofits for fundraisers or events.

By turning the dealership into a community space, dealers are strengthening their bond with current and future customers. Across all industries, retailers should emphasize the online and community experience in 2018 (Gary Galloway, Senior Product Marketing Manager, Netsertive).

One way to build a community is to keep your doors open for an extra hour (not for sales) and offer little bakery treats and a chance to chit chat. If you have a great cook or baker on staff, this is a great example of leveraging a strength. 

The second example appears to be something you can’t go wrong with: 

Surprise Your Customers With a Gift

Everyone loves to receive a gift. An unannounced gift with purchase can leave a positive sentiment and improve the customer’s experience overall. If you are an online business, send a handwritten thank-you note with a pen with your logo. 

Every time customers use the pen, they will think of their experience with your business. Alternatively, capitalize on the holidays as a time to improve your customer experience. Include custom-printed stress balls in holiday gifts to clients at Christmastime to de-stress the holidays (Rachel Stephens, Customer Behavior Analyst, Totally Promotional).

Since holidays are a common time of the year to give gifts, think of how much more meaningful your gift can be if it is done at other times of the year especially when it is least expected.

Stay tuned for more strategies.