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Customer appreciation: Definition and ways to achieve it

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What is customer appreciation?

It is by no surprise that the cost of acquiring new customers is 5-25% more than the cost of retaining the existing ones. Paying more attention to the existing customers and paying them appreciation for their loyalty from time to time will prove you a good investment. 

Customer appreciation is a method of identifying the customer value, loyalty and engagement. And the way business can appreciate customers for all that is by trying to provide them better experience, satisfaction and strong relationships along the way.

Some businesses might see customer appreciation as customer engagement. They believe in providing the customer with better engagement through knowing what they need better, what they expect from the company and serving them with all that along the way. Other businesses believe in providing customers with better listening. Studying what they prefer and how they prefer their service, and serving them exactly how they like it.

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Why do you need customer appreciation?

  • Customer appreciation brings you enhanced customer satisfaction and loyalty.
  • It can also help you increase customer lifetime value when they decide to come back to your business. 
  • As Vande Walle said, “Customer appreciation helps you stand out from the competitors”. The organization that can identify their customer’s value has a better chance in the market competition of getting more customer attention. 
  • Another advantage of making customers feel appreciated is that they become your brand advocates. They tend to spread the word out in the market for how they were treated, adding up to your marketing plans. 
  • Customer appreciation not only takes effect in the brightest of the times of company but also in the times of troubles and uncertainty. Customers like to be included when things go down with the company and the loyal ones could also support you in such times.

Ways to show customer appreciation

  • Empathy 

This refers to the kind and humble behavior towards the customers irrespective of their conduct. As an organization that thrives on customer experience, you should always take every chance to show the customer that they are important to you and you understand them.

Customers tend to switch to a competitor even after just one misconduct from the company. Empathy will only make things easier at your end, provided the customer service staff is well trained to deal with all sorts of customers.

  • Feedback loop 

The first thing a customer looks for in a brand is their ability to listen to them. Customers love when they are being heard. And you can make that happen by always being available to them and keeping in touch. 

The best way to keep in touch with your customer is to regulate feedback loops. Reach out to the customers in a way that is convenient to them so they respond in their own time and on their own. Feedback loops are nothing but small surveys or questionnaires that are distributed to the target customer base regarding certain topics. For example, feedback can be about the recent product the customer bought, website navigation experience, customer service experience, product demo history, anything which counts as customer interaction. 

This way you will always stay on top of what your customers are thinking about your brand and help with everything they need.

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  • Personalization 

Customers LOVE customized service. Just like they love being heard, they love when the brand narrows down their service by focusing on them, what they want and what they need. 

You can basically get the customers impressed by this move. All you have to do is pay actual attention to each customer and study their profiles. This includes everything from their purchase to their feedback and complaints. As a result, you can provide them personalized coupons or discounts on their next purchase and greet them using their demographics. 

Although, these are just some examples of how you can serve your customers personally. But the pool of personalization grows as deep as you are willing to invest in it.

  • Customer centric work culture 

Customer experience is not limited to the teams or employees that are in direct contact with the customer. It is the entire organization’s responsibility to make sure that customers are a crucial part of the organization and to treat them superficially.

Along with training the staff for this customer focused culture, the hiring process should also be in accordance with this prime requirement.

  • Send gifts 

Sending cards or gifts can be a meaningful gesture to tell your customers that you appreciate their time at your brand and look forward to spending more with them. 

One advantage of this apart from making customers happy is that you get a chance at staying on top of the competition. People really look forward to such delights and there is so much competition that revolves around this one concept alone. So gifts and thank you cards are going to go a long way for your brand.

Although, it is advisable to not outdo your budget on this one. Invest a limited amount of money and not a fortune just to give away gifts to the customers. Seriously, most of the customers consider your “product” a good enough reason to stay loyal to your company. Do not let gifts competition fool you into a broken budget.

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