Intro/Outro00:02 - 00:28
Welcome to Retail Checks and Balances, a podcast that takes you behind the scenes of the bustling world of commerce and culinary delights to help you grow your business and win. Join us as we explore the fascinating stories, trends, and challenges that shape the retail and hospitality industry, from cozy corner cafes to sprawling shopping malls and everything in between. And now, here's your host, Kevin Spencer. 

Kevin Spencer00:31 - 13:55
Welcome again to Retail Checks and Balances. Today we're exploring a subject crucial for any successful business. Customer loyalty. So what exactly is customer loyalty? At its core, it's not just about repeat business, but the emotional connection that keeps customers coming back. It's about trust, satisfaction, and a sense of belonging. In today's competitive market, customer loyalty is the secret sauce that can set your business apart. You know, at first to understand customer loyalty, We need to explore the human psyche. I mean, I'm not a psychiatrist, but why do people stick with certain brands? What emotional triggers contribute to brand loyalty? To unravel this, you know, let's play that we are psychologists here for a moment. You know, why do we buy ice cream? Is it because it's sweet? Why do we buy a specific brand? Is it that we're trying to look at taste? Is it because we saw it in a commercial where the guy looked cool or the lady looked cool eating ice cream? Or did it look sexy? You know, as people we seek familiarity, reliability, and a positive experience. When a brand consistently delivers on these fronts, it builds trust and forms a bond with the customer, right? Building strong customer relationships is the heart of loyalty. Exceptional customer service is key, but it goes beyond that. You know, it's about creating a memorable experience or experiences, because they're going to keep coming back, that leaves a lasting impression. For example, your customers shop at your store because the lighting is great. The ambience is great. The floors are clean and shiny. The aisles are wide, you know. Sometimes it's just not about the product, but the experience, as we say. You know, customers remember how you make them feel. Every interaction is an opportunity to strengthen the relationship between you and your customer. personalization, empathy, and the human touch make a significant impact. And it goes along the line, you know, because we're going to now jump into what the power of loyalty programs are. But before we go there, even if you have loyalty now, you're going to start a loyalty program, you have to pull your customers. You have to listen to what they want out of loyalty. I mean, just people that you know or see there on a regular basis because you recognize them. You can ask them, you know, what are we doing right? What are we doing wrong? And take that, what are we doing wrong as constructive criticism to develop strategies to deliver the experience that the customer is requesting. You know, the strategy to foster loyalty is through a loyalty program. Whether it's points, whether it's discounts, whether it's an exclusive club, You know, these programs aim to reward and retain customers. You know, in my years of experience, I've been in the forefront of many successful loyalty programs, and many have just not taken off. They're just there. They're just flat. Yes, you have a loyalty program, but what does it do for your business? You know, most people cannot answer that. And loyalty programs are not just about discounts. There's a way to express gratitude and make customers feel valued. And as I said, you know, the key is to tailor these programs to your audience. You must know what your demographic of customers are because your competitor's demographic may be different or it is different. Because what you want to do is not replicate what they did. You must come up with your own formula to reward and retain your customers. And this is why feedback is important. You know, a customer might come to your store because, well, we get excellent parking. It's easy to drive in and drive out. And that's a key. I mean, that's not a discount. That's just a benefit of coming to your store. Another customer might say, you know, I love coming to your store because your aisles are wide. I don't have to shift and twist up and try to maneuver in the aisles without hitting somebody's, another person's cart. So those are key things as well that defines your loyalty. It's not only about products. It's not only about discounts. It's not only about, hey, I get points. I am a person who travels a lot. So I travel with an airline. I use rental cars. And it's not, I don't like it because of the points. I mean, even in some cases, I don't even use the points. I give it to other people, right? Or use it for my family or something like that. Or I have it saved in there for when I'm going to retire. So I don't have to use money back then. But it's the important things. Hello, Mr. Spencer, how are you today? They remembered my name or they took They took the time to say, I'm going to read this guy's name on the passenger manifest and make sure that I let him know that I know who he is. Or, hello, Mr. Spencer. Thank you very much for your loyalty. So it shows a level of gratitude for me being a customer. And that goes a long way because the emotional connection is there now between me and that brand. So when we talk about the store, I mean, we do loyalty in the store. You look at the customer display and you see your name pop up, Kevin Spencer. And, you know, something like. You save this amount because you are a loyal customer you saved. You know, of course, Building and maintaining customer loyalty isn't always a smooth ride. Challenges will arise. To guide us through overcoming these hurdles, we've got to take a minute to understand that adaptability is the key. As I said again, listen to your customers, stay ahead of trends and be ready to evolve your strategies because you're going to have to change because you're going to have to learn as you go along. And it's always going to be evolving every single time. Customers are going to tell you, Hey, why are you not doing this? Or why are you not doing that? And then you're going to have to look at your marketing team and try to strategize. Hey, should we change this? Because two or three customers told us this. But these two or three customers probably represent my top 50 customers or top 100 customers or top 10 customers. I mean, do we actually look and see who is our number one customer and see how we can target that customer for being number one? How do we encourage customers to get into your top 10 and create a larger basket size? And you know, there's always the thing about being in the digital age. The content itself is king. How can businesses use content to engage customers and strengthen loyalty? You know, content is the bridge between your brand and your audience. Education. Entertainment. and valuable content that builds a relationship beyond transactions. What do I mean by that? It's like, you know, for example, and I've seen in my career a particular store in Canada that had cooking classes on an evening. And those cooking classes also had babysitting services as well. So people could have come to the store, make a meal based on a chef telling them what to do, and have their children looked at, and then take that meal home. Of course, by purchasing products within the store. But that entire experience does bring a warm feeling to those who are cooking in an environment that they are comfortable. an amount of people or peers who experience the same thing, the same day or the same operational experience. But, you know, at the end of the day, even if you are getting help, which you should, from a loyalty expert, from some consultant, they are going to have to understand what your customers want. It should never be about what everybody else is doing, because you have to develop your own strategy, your own, your brand, it's your brand. You have to differentiate yourself from everybody else because at the end of the day people want to say oh store A is the best in the world because they do this. Store A really really cares about their customers because they do this. So Thank you very much for listening. I hope this short podcast has given you the opportunity to expand on it and push forward into a great loyalty program. Thank you very much. God bless you all and keep you safe. 

Intro/Outro13:57 - 14:09
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