Customer loyalty is defined as “A buyer’s preference for doing business with a particular business establishment.” Nothing is more valuable than a satisfied and loyal customer. Getting new customers is fantastic, but keeping your merchants is equally important. Merchants refer to ISVs as trusted advisors and that is why it is important for both parties to have a valuable relationship. Here are ways developers can create customer loyalty with their merchants.
Your Best Customer Is Your Most Loyal
According to an article published by Harvard Business School, “Acquiring new customers can cost five times more than satisfying and retaining current customers.” Let that soak in for a minute. A loyal customer’s value is irreplaceable. It’s easier to keep a loyal customer coming back. They are passionate about your product, your business, service, and even the individuals and people behind it. The loyal customers are going to also be your biggest advocates and an integral part in marketing. This group of individuals is posting positive reviews, sharing your products on social media, and telling their network as well.