Why is customer loyalty so important to businesses? Studies show that loyal customers spend more than others by a 13:1 ratio. Moreover, experts also say that even a 5% increase in customer loyalty can lead to around 30-45% increase in profit for your company.
The following are some ways to improve those relationships and build a growing base of loyal customers that will help your business grow.
- Create a loyalty program
That is simple and consistent. Let it grow and make tweaks along the way.
- Offer some Incentives
Always try bring your customers back with an incentive.
- Award them
Provide your customers something they need and that they can take home with them.
- Provide great service
There’s an old quote, “If we don’t take care of our customers, someone else will.” Always provide great experience and fabulous service to all your customers.
- Say Thank You
Show your customers you appreciate them. A “thank you” goes a long way.
- Keep In Touch
Stay connected with your customers. Be consistent, but not overwhelming.
- Bring In the New
Loyal customers are not just your current ones. You can also build loyalty with new customers – and in particular new residents in your neighborhood.
While you prepare to build a loyal customer base and grow your business, remember to have a plan. Identify your audience; determine what you want to implement and when; assign the appropriate employees to help out;. Seek suggestions from your staff as well as family, friends and other business associates in terms of what works well for them and what they like and dislike when it comes to incentives, loyalty programs, etc.
With some effort, creativity and coordinated planning, you’ll be on your way to establishing and maintaining a loyalty marketing program that will benefit your business and customers for years to come.
Welcomemat Services specializes in helping businesses connect with new movers in the neighborhood to form formidable and loyal relationships.