Sales may be the driving force behind your marketing campaign, but it’s important to remember that customer loyalty is central to your profit margin.
It can cost ten times as much to win a new customer than it does to retain an existing one, so doesn't it make sense to keep your loyal customers happy?
Doing so can have a huge impact on your bottom line and can significantly increase profits, and if you want a great way to boost customer loyalty then reward schemes should always be considered.
Rewards can make all the difference
Customers like to feel valued. They want to know that they’re getting an advantage when they choose you over a competitor, so it’s vital you’re able to give them that advantage if you want them to hang around.
Yes, great service and exceptional products will of course be key, but with so much competition around these days that’s no longer enough—you need to give them a tangible reason to choose you, something that can show them they’re valued to strengthen the customer relationship, ensuring they don’t get swayed by your competitors.
A loyalty scheme can be put to fantastic use in any industry, with a whole range of rewards being possible to ensure you’re giving customers that little bit extra. There’s no end to the benefits of doing so—not only is it cheaper to retain a customer but loyal customers are more likely to buy more and will often be willing to pay more too, adding another layer of profitability into the equation, and you’ll be gaining a competitive advantage in the process. Then there’s the fact that loyal customers can transform into the ultimate brand advocates with word of mouth being far more effective than any kind of advertising campaign, so offering rewards is a win-win situation.
A new age of loyalty
The risk of social media has meant a lot of brands need to adjust the way they communicate with customers because these days they expect engagement on a much more personal level. So why not offer rewards with this in mind? We’re entering a new age of loyalty where brands are combining recognition with a clear online presence to offer customers interactions rather than simple transactions, personalising their schemes to give the best possible experience. And there’s no reason that you can’t integrate your traditional schemes with social media platforms too–doing so can appeal to your target audience in a more immediate way than ever before, and with social media being all about instant communication you can look forward to great word of mouth potential.
Plan your strategy with help from the experts
It’s all about improving the brand/customer relationship and giving them a reason to stick around, and if you think it’s time to take a look at your strategy you've come to the right place. We know the difference that incentives can make to your profit margin and we want to help ensure you develop a scheme that works for you and your business, so get in touch and you could boost customer loyalty like never before.