It is a good time to take stock of your business and identify how you can keep moving forward. A ladder of loyalty is a journey you take your customer through.
What are the Different Types of Customer?
Suspect: A consumer that fits your target market, in other words someone who has an interest in your product.
Prospect: A prospect is a consumer who has inquired about your product or service and is genuinely interested.
Shopper: A ‘shopper’ is somebody that has transacted with you once. Your customer base may be made up of many ‘shoppers’ but be aware that ‘shoppers’ are not customers.
Customer: A ‘customer’ is somebody that has transacted with you on more than one occasion.
Member: Giving your customers somewhere where they feel they belong.
Advocate: Advocates are people that love to tell everybody about your business. They are your best marketing tier on the ladder.
Raving Fan: Raving fans go and get your customers and make sales for you.
Behaviours associated with different types of consumer:
There are four important behaviours to consider when determining your ladder of loyalty. Trust, speed, margin, and loyalty. The sales environment operates in a high trust sphere. At ‘raving fan’ level the customer has a significant amount of trust in your product or service. However, at ‘suspect’ and ‘prospect’ level trust is very low. In terms of speed, at ‘raving fan’ level, decisions are instantaneous. At prospect or suspect level, it can be a slow process. You must also consider margin. The further up the ladder you are, the higher the margin. Clients don’t question the prices. At ‘raving fan’ and advocate level loyalty is pretty strong. At ‘suspect’ and ‘prospect’ level, loyalty is really weak.
Where to focus your sales energies:
The answer to building more raving fans and advocates into your business is through clever marketing and knowing which level to focus your sales energies at. Many businesses mistakenly spend time focusing their marketing strategy on their prospect and suspect list. The idea is to make your ‘shoppers’ into returning ‘customers’. Focus your sales team on getting your customers up the ladder of loyalty and into raving fan territory.
If you want to learn more about the ladder of loyalty contact me.
“Remember, failing to learn is learning to fail.”
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