LOYALTY IN BUSINESS
Loyalty is the willingness to make an investment or personal sacrifice to strengthen a relationship. Lack of loyalty is one of the major causes of failure in every walk of life. Loyalty is mostly inborn. A group of worker can achieve their goal more fast if they are loyal to their work and employer.
Loyalty in business is in which company resources are employed so as to increase the loyalty of customers and other stakeholders in the expectation that corporate objectives will be met or surpassed. A typical example of this is: quality of product or service leads to customer satisfaction, which leads to customer loyalty, which leads to profitability.
Lack of loyalty is a serious problem in organizations everywhere today. No longer do people join a company and devote the rest of their working lives to it. Companies are, of course, not exactly known for offering up thirty or forty years of employment, a gold watch and pension plan. Many business owners sometimes lose sight of just how important customer as well as employee loyalty can be. No matter what the economic conditions are, however, it’s vital for the business to be vigilant in two key areas:
A) Keeping the customers or clients your business already has; and,
B) Keeping employees loyal and motivated even if raises, bonuses and benefits aren’t in the cards
Times have changed. Businesses appear and disappear at a dizzying pace. So do the jobs they offer. Workers are naturally less happy on the job when they sense little or no loyalty from their employer. If the business is maintaining a good customer relations and keeping people loyal and satisfied, this also creates a happy workforce, with increased job satisfaction. If the customer is loyal to the company for sometime, he or she will require less help and have fewer problems to deal with.
There are several effective ways to follow up that ensure your business is always in the customer’s mind:
1. Let customers know what you are doing for them. This can be in the form of a newsletter mailed to existing customers, or it can be more informal, such as a phone call. Whatever method you use, the key is to dramatically point out to customers what excellent service you are giving them.
2. Keep it personal. Voice mail and email make it easy to communicate, but the personal touch is lost. Don’t count these as a legitimate follow-up. If you’re having trouble getting through, leave a voice-mail message that you want to talk to the person directly or will stop by his or her office at a designated time.
3. Remember special occasions. Send regular customers birthday cards, anniversary cards, holiday cards — you name it. Gifts are excellent follow-up tools, too. You don’t have to spend a fortune to show you care. Use your creativity to come up with interesting gift ideas that tie into your business, the customer’s business or his or her recent purchase.
4. Pass on information. If you read an article, see a new book, or hear about an organization that a customer might be interested in, drop a note or make a quick call to let them know.
5. Consider follow-up calls business development calls. When you talk to or visit established clients or customers, you’ll often find they have referrals to give you, which can lead to new business. With all that your existing customers can do for you, there’s simply no reason not to stay in regular contact with them. Use your imagination, and you’ll think of plenty of other ideas like that .
Loyalty can be earned only when leaders put the welfare of their customers and partners ahead of their own self-serving interests. There is indeed a high road in business, and loyalty is the only road to lasting success. The six principles of loyalty given below are real case studies of companies that embody these principles to earn outstanding financial results, and in related areas, such as growth strategy and customer relationship management.
Six Principles of Loyalty
Play to win/win: Profiting at the expense of partners is a short cut to a dead end.
Be picky: Membership is a privilege.
Keep it simple: Complexity is the enemy of speed and responsiveness.
Reward the right results: Worthy partners deserve worthy goals.
Preach what you practice: Actions often speak louder than words, but together they are unbeatable.