Customer loyalty refers to a customer's willingness to consistently do business with a particular company, brand or product over time. It is an important measure of how satisfied and committed customers are to a business.
Loyal customers are more likely to make repeat purchases, provide positive word-of-mouth referrals, and defend the brand against negative feedback. They are also less likely to switch to competitors, even if they offer lower prices or promotions.
Customer loyalty is typically built over time through positive experiences, high-quality products or services, and strong customer relationships.
Eight Statistics that Show the Value of Customer Loyalty for a Business
Here are some customer loyalty statistics that provide insight into the importance of building and maintaining loyal customers:
According to a study by Adobe, returning customers have a 60% to 70% higher chance of converting compared to new customers.
A survey by Accenture found that 86% of customers are willing to pay more for a better customer experience.
According to a report by HubSpot, 93% of customers are likely to make repeat purchases from a company that offers excellent customer service.
A study by Bain & Company found that increasing customer retention rates by just 5% can increase profits by 25% to 95%.
The same study also found that it costs 5 to 25 times more to acquire a new customer than to retain an existing one.
A survey by SuperOffice found that 70% of customers will continue to do business with a company if they receive good customer service.
A study by Nielsen found that 92% of customers trust recommendations from friends and family over all other forms of advertising.
According to a survey by Invesp, 44% of customers are likely to become repeat buyers after a positive shopping experience with a brand.
What is Customer Training?
Customer training is a type of training provided to customers to help them understand how to use a product or service effectively. It can be provided in various forms, including in-person training sessions, online tutorials, instructional videos, user manuals, and other resources.
The goal of customer training is to ensure that customers are knowledgeable and competent in using a product or service, which can lead to increased customer satisfaction, loyalty, and retention. By providing effective customer training, businesses can reduce customer support requests, prevent customer frustration, and improve the overall customer experience.
Some common types of customer training include:
Onboarding Training
Onboarding training is provided to customers when they first start using a product or service. This type of training helps customers to become familiar with the product or service and its features.
Advanced Training
Advanced training is designed for customers who want to gain a deeper understanding of a product or service. This type of training typically covers more complex features and functionalities.
Refresher Training
Refresher training is provided to customers who have been using a product or service for a while but may need a reminder on how to use certain features or functionalities.
Certification Training
Certification training is provided to customers who want to become certified in using a product or service. This type of training typically requires passing an exam or completing a specific set of tasks.
The Benefits of Training for Customer Loyalty
Training is essential for building and maintaining customer loyalty. A well-trained workforce is better equipped to provide excellent customer service, which is critical to fostering loyalty.
Here are some reasons why training is valuable for customer loyalty:
Consistent Service: Training ensures that all staff members are aligned in their understanding of customer service expectations, procedures, and policies. This helps to provide a consistent customer experience that builds trust and loyalty.
Problem Resolution: Effective training equips staff with the skills needed to handle customer complaints or issues promptly and professionally. Staff members who are trained to handle difficult situations are more likely to deescalate issues and provide satisfactory solutions that improve customer loyalty.
Customer Retention: Training can help staff to develop the skills and knowledge needed to engage with customers and build meaningful relationships. This can lead to increased customer satisfaction, repeat business, and ultimately, greater customer loyalty.
Upselling and Cross-Selling: Staff members who are trained to identify opportunities to upsell or cross-sell products or services can create additional value for customers while increasing revenue for the business. When done correctly, upselling and cross-selling can help to deepen customer loyalty.
Brand Representation: Staff members who are well-trained represent the business and its brand values more effectively. This can positively impact customer perceptions and encourage greater loyalty.
About LMS Portals
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant learning management system that allows you to launch a dedicated training environment (a portal) for each of your unique audiences.
The system includes an embedded SCORM-compliant course authoring tool that enables most anyone to build engaging courses quickly and easily.
We also offer a complete library of ready-made courses, covering most every aspect of corporate training and employee development.
If you choose to, you can create Learning Paths to deliver courses in a logical progression and add structure to your training program. The system also supports Virtual Instructor-Led Training (VILT) and provides tools social learning.
Together, these features make the LMS Portals platform an ideal solution for your customer training program.
Contact us today to get started or visit our Partner Program pages