How loyal are your company's floor coating buyers? Buyer loyalty, or lack thereof, plays an essential role in sales revenue. When buyers are loyal, they'll stay with your floor coating company while making multiple subsequent purchases in the future. Disloyal buyers, on the other hand, may purchase a single product or service, after which they'll leave your floor coating company for a competitor. It's frustrating when you lose a buyer to a competitor, but the good news is that you can foster buyer loyalty with your floor coating company's audience by following these tips.
#1) Use Satisfaction Surveys
Satisfaction surveys are an invaluable tool that can help you foster buyer loyalty in the industrial floor coating industry. Using satisfaction surveys, you can gain insight into how buyers perceive your floor coating company and whether they are satisfied. If a buyer isn't happy, he or she may tell you the reason for their dissatisfaction in a survey. So, try to get into the habit of sending buyers a satisfaction survey after each purchase.
#2) Resolve Complaints
Allowing buyer complaints to go unresolved is a serious mistake that will likely result in less loyalty. In fact, statistics show that complaints are the reason why 86% of buyers stop purchasing a floor coating company's products or installation services. Just a single complaint can have disastrous consequences for your floor coating company. If the buyer shares his or her complaint -- either online or locally -- you'll struggle to foster loyalty with your floor coating company's audience.
#3) Offer Practical and Valuable Solutions
As a sales rep, your goal should be to match buyers with the right product or service offered by your floor coating company. This doesn't necessarily mean that you should pitch your company's most expensive product or service to buyers. Rather, use a custom approach that involves recommending a product or service that's both practical and valuable to each buyer. If buyers feel like they got a good deal, value for their investment, they'll stay with your floor coating company, resulting in a higher level of loyalty. If buyers feel like they wasted their money, on the other hand, they may leave your floor coating company for a competitor's products or services.
#4) Create a Referral Program
Another way to foster buyer loyalty in the floor coating industry is to create a referral program. As you may know, referral programs reward existing buyers for referring new buyers to your floor coating company. An existing buyer, for example, may receive a free product or discount for each new buyer he or she refers to your floor coating company. Research conducted by Nielson Norman Group found that buyers are roughly 77% more likely to purchase a product or service after receiving a recommendation for it from a friend or family member. A separate report published by The New York Times found that 65% of all sales come from referrals.
#5) Be Better Than Your Competitors
You can't expect buyers to remain loyal to your floor coating company if your competitors offer a better deal. Some buyers may stay, but most will probably leave. As a result, you should assess your competitors' strategy while conducting a SWOT analysis. A SWOT analysis involves researching a competitor and identifying its strengths, weaknesses, opportunities and threats. Using this information, you can optimize your own floor coating company's sales strategy so that buyers perceive your company as being better than your competitors. Along with the other tips listed here, this will help you foster buyer loyalty with your company's audience.
#6) Offer Incentives for Repeat Purchases
Perhaps the most effective way to foster buyer loyalty in the floor coating industry is to offer incentives for repeat purchases. Known as a loyalty rewards program, it's a common tactic used by both B2C and B2B companies alike. When you reward buyers for making repeat purchases, they'll naturally want to stay with your floor coating company. All buyers appreciate freebies, so a loyalty rewards program is a useful tool for fostering buyer loyalty.
What type of incentives can you offer for repeat purchases? There's no single "best" answer, as different incentives work best for different floor coating companies. With that said, you should offer buyers something of value for making repeat purchases. Free products or services are always worth considering. Even if it's a low-priced product or service, buyers will appreciate receiving it for free. Alternatively, you can use a point-based system in which buyers earn points for making purchases. After a buyer has accumulated enough points, he or she can redeem them for their desired freebie or gift. These are just a few incentives to consider for your company's loyalty rewards program.
#7) Create Personalized Content for Existing Buyers
Finally, using personalized content can help to foster buyer loyalty in the industrial floor coating industry. According to a Blue Corona report, nearly half of all B2B buyers are searching for personalized content. Furthermore, the same report suggests that B2B companies with personalized content on their website generate 19% more sales than their counterparts with generic, non-personalized content.
In order to continue to foster loyalty in the floor coating industry, you need to continue to find new customers that have multiple sites and large square footage. Since it is no easy task to find sales leads, that's where SalesLeads comes in.
Our research team uncovers identified projects that are either new construction, renovations or expansions within your area. You'll get the contact names of those managing the project from the company side to contact so you can get a fair shot at winning the project. We always include the contact name, title, email and phone number. Everything you need to get started. If you haven't given it a try, open a free account and we'll share a few recent sales leads with you.
Now you can continue to grow your customer loyalty base and have consistency of projects.