Brand Loyalty: A Holistic Approach
By Ryan Velez
Brand loyalty is something that all people in business covet but often have trouble getting a grasp of. Part of the reason is that these days, it is more fleeting than ever. A person can hear of your company, research it, and be turned off before you even knew your business was on their radar. The volatile nature of brand loyalty makes it more valued than ever, and Black Enterprise brings on an expert who recommends an unexpected—and holistic, approach.
D. Ivan Young is a holistic life and relationship coach who offers brands advice on how to retain customer loyalty.
“Inasmuch as this applies to startups, it is especially true for well-established and long-standing brands that tend to take their place in their market for granted. A business relationship miscarriage, be it internal or external, cannot only significantly hinder growth but potentially implode the most successful of brands,” says Young.
Young adds that “Just because your business, or company, was on the top-performing list last year or even last month, doesn’t mean that people are going to stay loyal to you. Loyalty is primarily gauged by purses [and] wallets; personal desires and objectives; and emotional connection. This is true of clients, customers, or employees.”
How can you put this into practice? For one, investing in good people always pays off. For example, the cost of losing a good employee exceeds the costs of keeping them and making them happy by wide margins. For example, not only do you have to pay the costs of money and time of bringing a new person into the fold, many people who are loyal to the previous employee may leave with them. So, what can you do to retain the best people? Practice recognition and rewards. This can go from the little things to full on rewards programs.
Another thing to do is create a culture of service in the company, Young describes this as “the restaurant manager who takes pride in cleaning the bathroom, or the sales manager who goes above and beyond to help a salesperson close a deal and celebrates him in front of the client. When the entire team reflects the brand by building a culture of service, this subsequently signifies ‘people’ values and builds loyalty.” At the core, the holistic approach to brand loyalty is about keeping people in mind first, with the small price of doing so being paid back with interest through performance, repeat business, and reputation.