Study after study confirm the importance of loyalty programs. As every successful organization knows, a business thrives not only by harnessing new clients or customers, but also by satisfying and awarding existing customers.
One recent study conducted by the Chief Marketing Officer Council reports that the most successful business owners take advantage of this strategy, and commit to maintaining and expanding their loyalty and rewards programs.
To help businesses succeed and initiate or take their existing programs up a notch, Entrepreneur.com provides useful tips on encouraging and boosting customer loyalty:
1. It’s important for business leaders to keep in mind that service and savings go hand-in-hand. Research conducted by Datamonitor/Ovum concluded that two-thirds of loyalty members sought services elsewhere due to poor customer service.
2. Consider the frequency of your contacts or emails. While customers want good service, they don’t want to be bombarded. In situations such as this, less is more. Consider sending emails once or twice a month.
3. Remember that customers develop a trust and relationship when they are provided useful information and helpful tips. Your email shouldn’t be all about promotion, initiate an interactive reward program. Create a live chat forum on the company’s website, and provide a social media page that allows for suggestions and questions from the clients. With this type of program it’s essential that you have delegated representatives who respond with positive input.
Taking note of these loyalty program tips could be the boost your business needs in these difficult economic times – capturing new clients and keeping existing clients is just smart business.
Savvy business owners will persuade consumers to spend their targeted funds on products and services they are familiar with and trust. You need to continually remind the customer why they can depend on your company.