Loyalty Programs – Money, Growth, RevenueJanuary 2018
Loyalty programs are implemented to encourage customers to continue to shop and to use the services of the businesses associated with each program. In today’s day and age, we all expect more for less, and it is easy to switch suppliers if your offerings are no longer applicable to the clients needs
Loyalty programs will help you to know your clients needs and forecast when they need to purchase from you as a supplier. Not only will you know your customers better than they know themselves, your customer will be well informed and will be keen to purchase from you again.
Converting a new customer is far more costly than retaining an existing one. “Old” customers know what you offer as a business. They are valuable, new clients are hesitant to start with a new business. Trust and value needs to be assured to a new client, which costs time and effort.
Choosing a loyalty program:
Selecting a rewards program suitable for your industry and your client’s needs is vital. If you want to implement a program you have to do market research, case studies are so important and can be really efficient in the near future. Once you have chosen a program and have implemented it, EDUCATE your customers. Customers will not know of the program and its benefits if you do not inform them.
Value is build with an effective loyalty program to develop stronger relationships.
It is not rocket science! New customers will feel like VIP’s, and your A- list customers will only grow a stronger and more treasurable relationship. You can further your relations simply by keeping on top of which products your customers require and understand what solutions they have received as well as any personal information that can make a call more personal.
Knowledge is POWER:
The biggest advantage of your Loyalty program is educating your employees. Having a loyalty program makes it easy to search and find customer information that can be actioned. They will know each and every one of your customers; their background, their personalities, their likes and dislikes and their purchasing history.