Providing This Kind of Value Is the Key to Creating Loyal Customers
Commercial empires like Taco Bell, Target, and Walmart provide value, but it’s not what you think. They’re not providing anything new or hard to get.
Tacos are found on every corner. They’re cheap to make, and anyone can make tacos in their own kitchen. Everything you can find at Target or Walmart you can also find in plenty of other department stores. In reality, the value these companies provide is measured in low prices, convenience, and fast service.
Walmart didn’t make it to the top spot on the Fortune 500 list for generating loyal fans. They just know how to expand, cut costs, and make money extremely well.
How Do Small Businesses Create Loyal Customers?
What about the small businesses who can’t afford to take out a million dollar loan, expand their locations across the country, and drop $100k on inventory to get a bulk discount?
Small businesses that don’t have the resources to expand like the big corporations still generate loyal customers. However, they provide value in a different way. Unlike giant corporations, most small businesses aren’t aiming to increase profits by finding cheaper sources. Most small businesses want to provide their customers with unbeatable value in the form of superior service and products. This is the kind of value most corporate empires skip.
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Consistency Is Value, but It’s Not Enough to Generate Loyalty
When a business doesn’t have the best product in the industry, the next best thing they can offer their customers is consistency. People are creatures of habit and they feel secure inside of routines.
People want to know, without a doubt, that their cup of coffee is going to taste the same at every McDonald’s across the world. When they’ve experienced enough consistency to be sure of this, they’ll go out of their way to find a McDonald’s when they want coffee.
What we’ve described above isn’t exactly brand loyalty, although it looks like it. There is a catch about relying on consistency to carry the value of a business. It is this: Customers would consider any other coffee shop with a decent cup of coffee and equal consistency an option.
Trust Is the Best Kind of Value to Provide
Trust is what drives customers to try new products from the same business, and spend more money. It’s also what creates genuine loyalty that remains untouched by competition.
Some industries rely on trust more than others. For example, there is a higher risk for companies that provide products that customers consume or use for healing purposes. Trust is what accounts for multiple thriving businesses, despite existing competition. For instance, the world of alternative medicine is a $34 billion industry. Included in that figure is the sale of popular natural herbs like maca, kava, neem, Kratom, and haritaki.
Looking at this industry provides insight into what creates customer loyalty (outside of low prices and convenience) and keeps “competing” brands in business.
For those already familiar with the healing power of nature, they’ll develop trust in a business that provides a high-quality product. They know the real deal when they get it. And if a new brand doesn’t measure up to their expectations of quality, they’ll move on.
When a customer is new, not just to the specific herb they’re researching but to natural herbs in general, it’s going to take more to earn their trust. These customers will have no prior experience for comparison. Therefore, they need more information. If they can get that information from the business itself, there’s a better chance of building trust.
Trust Is the Foundation of Loyalty
People don’t shop at Walmart because they’re loyal. They shop at Walmart because Walmart has the lowest prices. If a competitor had lower prices, they’d switch. It’s important to understand this distinction if you want to create genuine trust with your customers.
Loyalty always begins with trust. Someone looking for natural herbs wants a high-quality product. They’re not looking for the cheapest deal. They’re serious about their well-being and willing to pay for it.
In this industry, lowering prices isn’t going to generate trust. However, providing a superb quality product will. That’s what Lively Mood does, and it’s why they’re successful. Their willingness to present the right information to educate people about their products, specifically Kratom and blue lotus, is part of the formula that turns a first-time customer into a loyal customer.
Don’t View Large Corporations as Your Competition
Corporate empires are scrambling to keep prices low to sell as much as possible. If you’re after loyal customers, you’re not playing the same game. Focus on developing trust with your customers, and you’ll inevitably gain their loyalty.