Even if it comes from your smallest account, customer advocacy and loyalty is a terrible thing to waste.
Every business leader knows their most valuable customer – it’s nearly always the biggest and/or most profitable account. But how much should loyalty factor into the equation?
Significantly smaller accounts may not buy as much, but what if they’re strictly buying from you, or, as Ginger Conlon puts it in a post for Think Customers: The 1to1 Blog, giving you “100 percent wallet share.” Conlon argues these customers are worth seeking out as a potentially valuable recommending resource.
Conlon uses her loyalty to Virgin Atlantic as an example of how small but dedicated accounts might be leveraged for marketing purposes. After all, if customers have a clear preference for a product, they’re likely to share and recommend that preference with others. The trick, Conlon suggests, is making it easy enough for the customer to do so. Running targeted marketing campaigns isn’t easy, she admits, but customer advocacy is such a powerful thing; it would be a shame not to take advantage of it. For more on why you should be targeting your most loyal customers in addition to your biggest ones, read the full post here.
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Customers are always more likely to listen to recommendations from each other over a sales pitch. Therefore, there’s no undervaluing a loyal customer who actively advocates for your brand — targeting and engaging with these customers should be a marketing priority. Read this post to learn more about harnessing the power of customer loyalty programs, and for more on the emerging study of “trust marketing,” read this post from the OpenView Blog.