Customer Loyalty – Attract AND Keep Your Customers
The Loyalty Factor!
The most successful flower produces a regular supply of nectar to keep the bees coming back for more and a business is no different – attracting your customers in the first place is vital but customer loyalty can be the difference between mediocrity and standing out from the crowd.
The implementation of a loyalty scheme which is tailored perfectly to fit, will drive growth, increase your market position and make your business infinitely more attractive to both new and existing customers.
Customer loyalty in the early years drives growth:
A fledgling business must give priority to marketing and attracting new customers but of equal importance is keeping those customers once attracted. Putting time, money and effort into growing your customer base and then inspiring loyalty will make sure that base becomes a solid foundation.
Encouraging and rewarding loyalty:
It is of prime importance to know your customers’ expectations – does your product or service do what you said it would? A satisfactory outcome together with a positive experience will do wonders to drive loyalty and keep your customers not only coming back again and again but will motivate them to talk about their experience to others. This is the very best in free marketing.
Loyalty schemes – the key to success:
Points-based loyalty schemes have two main advantages:
- They drive sales as they reward your customers with a discount.
- They allow you to obtain information about their purchasing preferences.
This enables marketing to be focused on the most relevant offers to each individual which in turn will increase the cost-effectiveness of your marketing scheme.
Loyalty schemes – fast and cost effective:
Picking the loyalty scheme that’s right for your business can take as little time and cost as printing out a card which gets stamped each time a customer makes a purchase, to a more complex, targeted incentive. Whatever scheme is right for you will pay dividends.
Loyalty incentives – the golden rules:
- Know your objectives; whether it’s more customers, increased sales or improving your market position. Whatever your goal it needs to be clearly defined before it can be reached.
- Obtain feedback from existing customers with regard to your proposals and tailor the scheme accordingly. This research and groundwork will pay dividends in minimising cost and maximising effectiveness.
- Keep your employees fully informed – to enable them to get behind the scheme they first have to understand the way it works and what you are hoping to achieve.
- Don’t commit yourself until you have given your idea a trial run to iron out any wrinkles and make sure it’s really working effectively.
- Know your average sales and how often a customer purchases from you – this will mean you will know quickly whether the scheme is making a difference and allow you to make any small changes necessary to drive sales and customer retention.
- Recognise and manage your customer expectations and treat them as the individuals they are to give them an outstanding experience. Some customers are price motivated and others are driven by receiving service that not only meets, but exceeds, their expectations.
- Use the marketing data you gather to analyse and enhance your customer relationship to create mutual benefit.
- Most importantly, ensure that your chosen loyalty scheme reflects your brand and adds value for your customer. This is the key to your success.
Loyalty schemes – building a better future, together:
A truly effective loyalty scheme can motivate customers to not only keep coming back again and again but can drive them to want to become involved in your business. They may like to be kept informed about changes and developments or be consulted on future changes to products and services.
It can be useful to offer customer surveys or forums in which they can participate and share ideas. You never know what innovative and inspiring ideas for growth and change a customer may come up with.
Make loyalty work for you and improve your bottom line!