Close Menu
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing & Mental Health
  • Marketing
  • HR & Recruitment
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
X (Twitter) LinkedIn YouTube
Trending
  • Handheld Laser Scanners Drive New Growth For Sep Geospatial In Unlikely Sectors
  • Loughborough’s Here Self Storage Hits 65% Occupancy As Local Demand Grows
  • Tool theft legislation and steps to protect your tools
  • Why Digital Excellence is key to transforming Business Culture
  • Busting myths about Asset Based Lending 
  • Self-driving cars could hit UK roads sooner than you expect, says Heligan Group
  • New Venture Aims To Help Propel Growth For Start-Ups
  • Building community, one cause at a time
X (Twitter) LinkedIn YouTube
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing
  • Marketing
  • HR & Recruitment
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • Twitter
  • LinkedIn
  • YouTube
  • RSS
You are at:Home»Features»Customer Loyalty and Retention: The Not-So-Secret Weapon for Small Business in 2024
Customer Loyalty and Retention:

Customer Loyalty and Retention: The Not-So-Secret Weapon for Small Business in 2024

0
Posted By Greg Robinson on March 21, 2024 Features

It will come as no surprise that there is an undercurrent of uncertainty plaguing small business owners in the UK. A recent survey by messaging service Slack reveals that despite 71% of small business owners feeling cautiously optimistic about 2024, a significant 40% view this year as ‘make or break’. A volatile economy, a looming election, and persistent struggles with declining sales are just some of the anxieties weighing heavily on small business owners. And, when we look at how consumers are feeling, 36% say they are very likely to shop around for alternative service providers in the next six months.

Building customer loyalty and retention are both crucial strategies for navigating these challenges and ensuring long-term success. And it doesn’t need to be complicated, nor cost the earth. In fact, some of the most successful customer loyalty and retention strategies are the simplest.

Keep Your Friends Close: Why Customer Loyalty Matters in Uncertain Moments

Amanda Silcock, Senior Director of Client Success at BHN
Amanda Silcock, Senior Director of Client Success at BHN

During unpredictable economic moments, loyal customers provide a reliable source of revenue, offering some level of predictability amidst market fluctuations. Retaining existing customers is far cheaper than finding new ones, enabling businesses to optimise their resources effectively.

And loyal customers are more likely to become brand advocates, promoting the business through word-of-mouth. This is an organic form of promotion that requires none of the additional costs or manpower associated with traditional marketing efforts.  Additionally, when a customer is loyal to one area of a business or product line, they become the perfect target for upselling or cross selling opportunities where relevant.

The Strategies for Success

Customer loyalty is more than simply offering discounts or rewards, it’s about genuine connections with customers and creating an attachment to your brand. Here are some approaches you can consider:

  1. The power of community: Everyone likes to feel part of something. Be sure to interact with your customers on social media, host events they can attend, or establish online forums where customers can connect with one another. This creates a sense of belonging and shared values.
  2. Celebrate the milestones and make your customers feel special: Acknowledge special occasions like birthdays, anniversaries, or reaching loyalty program milestones with personalised messages, exclusive offers, or small gestures of appreciation. This shows that you value your customers as individuals and helps build stronger relationships.
  3. Establish your expertise and become a resource: Provide valuable information and resources beyond your core offering. This could include blog posts, webinars, or workshops that address your customers’ needs and demonstrate your expertise.
  4. Reward verses appease: It is essential to react quickly to customer complaints or issues, but it is equally as important to apply an active reward and loyalty system approach. Our research states that 59% of consumers would be positively influenced at contract or policy renewal stages by ongoing rewards and incentives being offered throughout the relationship.
  5. Employee loyalty is just as important as customer loyalty: Happy and engaged employees become brand ambassadors, delivering exceptional service to customers across the board. By investing in employee wellbeing and fostering a positive work environment, businesses create a ripple effect of loyalty that touches every element of the business.

A Customer is Not Just for Christmas

By going above and beyond, and creating non-transactional interactions, small businesses can build lasting connections with customers, creating active advocacy. In today’s increasingly competitive landscape, fostering emotional connections is essential for standing out from the crowd and ensuring customer loyalty in uncertain times.

The rest of 2024 might feel uncertain, but small businesses that prioritise building loyal customer relationships are equipped to navigate all its challenges and emerge stronger. By creating emotional connections, offering valuable interactions, and investing in employee well–being, businesses will have a resilient foundation for long-term success. Loyal customers are more than just ambassadors; they are brand advocates and a powerful source of stability in unstable times. When you invest in loyalty, you empower your business to navigate uncertainty and thrive.

Amanda Silcock, Senior Director of Client Success at BHN

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

5 Reasons Why Every Office Should Include Flexible Spaces to Work and Their Key Benefits

Brits lose £11.4 billion to scams: these are 5 of the most dangerous

How to demonstrate value beyond cost in business proposals

Comments are closed.

Follow SME Today on Linkedin and share all the topics you find interesting
Verify your identity for Companies House

The Newsletter

Join our mailing list for the best SME stories, handpicked and delivered direct to your inbox every two weeks!

Sign Up
Events Calendar
    • Marketing
    July 7, 2025

    Bold Business Marketing Specialist Speaks In Swindon This Week

    July 4, 2025

    How Generative AI is Giving SMEs a Marketing Edge

    • Finance
    July 14, 2025

    Busting myths about Asset Based Lending 

    July 10, 2025

    How to build a £1 million pension and ISA portfolio

    • Health & Safety
    July 1, 2025

    Temperatures Soaring: Is Your Workplace Becoming Unsafe?

    January 29, 2025

    UK takeaways guilty of shocking hygiene failures:

    • Events
    July 4, 2025

    £20k grant for female-founded SME up for grabs

    July 2, 2025

    As Seen on BBC Panorama – Brad Burton to Headline The South West Expo in Swindon

    • Community
    July 11, 2025

    Building community, one cause at a time

    June 23, 2025

    Celebrating One Year In Fairford Supporting The Community

    • Food & Drink
    June 23, 2025

    England Cricket Captain, Ben Stokes OBE, takes a stake in Spencer Matthews’ alcohol-free spirits brand, CleanCo

    June 16, 2025

    Hospitality industry risks collapse

    • Books
    April 24, 2025

    Values-Driven Professionalism: A Path to Client Loyalty

    December 2, 2024

    Banish the banshee boss: how to lead without fear – addressing the issue of fear-based management and how NOT to be this manager

    About

    SME Today is published by the same team who deliver The Great British Expos’. We have been organising various corporate events for the last 10 years, with a strong track record of producing well managed and attended business events across the UK.

    Join Our Mailing List

    Receive the latest news and updates from SMEToday.
    Read our Latest Newsletter:


    Sign Up
    X (Twitter) YouTube LinkedIn
    Most Recent Posts
    July 15, 2025

    Handheld Laser Scanners Drive New Growth For Sep Geospatial In Unlikely Sectors

    July 15, 2025

    Loughborough’s Here Self Storage Hits 65% Occupancy As Local Demand Grows

    July 15, 2025

    Tool theft legislation and steps to protect your tools

    July 15, 2025

    Why Digital Excellence is key to transforming Business Culture

    July 14, 2025

    Busting myths about Asset Based Lending 

    Categories
    • Books
    • Community & Charity
    • Education and Training
    • Environment
    • Events
    • Features
    • Finance
    • Food and Drink
    • Health & Safety
    • HR & Recruitment
    • In Profile
    • Legal
    • Marketing
    • News
    • Property & Development
    • Sponsored Content
    • Technology
    • Transport & Tourism
    • Wellbeing & Mental Health

    Copyright © 2020 SME Today.

    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Editorial Submission Guidelines
    • Privacy
    • Contact
    Copyright © 2025 SME Today.
    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Editorial Submission Guidelines
    • Privacy
    • Contact

    Type above and press Enter to search. Press Esc to cancel.