While it’s tempting to focus all of your marketing efforts on acquiring new customers, research shows that there is far more opportunity in marketing to your existing customers. Check out the infographic below on the value of an existing customer for some stats!
Category Archives: Customer Loyalty Programs
Accurate, timely and cost-efficient delivery of incentives defines successful fulfillment. In the digital age, some audiences respond well to email and technologically advanced fulfillment approaches. Others prefer non-interactive delivery methods, including direct mail, yet these costs are high due to postage, printing and labor costs. [Read More…]
There’s no denying it.
If you have limited marketing dollars to spend, you will get the biggest bang for your buck if you invest in ways to impress, recognize, and reward your best customers. After all, if you follow the 80/20 rule, the vast majority of your success comes from those customers who buy from you most frequently or spend the most money. In other words, prioritizing their needs over others makes good business sense.
This is why so many companies look to customer loyalty programs as a great way to improve business results. [Read More…]
Everyone makes resolutions at the start of a new year. Whether it’s to lose weight, eat healthier, finally get the garage cleaned and organized, or save up for that big vacation, goals are a huge part of the ritual people go through as they prepare for the 12 months to come.
What’s your resolution for 2014? And perhaps more fittingly, what’s your business‘s resolution for 2014?
That oft-quoted statistic about suicide rates spiking during the holiday season is actually a myth — seriously! I did my Snopes homework! — but if the honking car horns drowning out jingle bells and Black Friday fights breaking out at Walmart are any indication, it’s safe to say the holidays do inspire a little stress in American consumers.
So what’s a retailer to do to quell their shoppers’ holiday blues?
You could start by amping up your rewards program, for one. Throwing in a few bonuses for your most loyal customers can be a great way to help them de-stress during the holidays — and help them love you even more.
Here are a few ideas on how to surprise and delight your customers with Christmastime rewards and recognition.
Brand advocates are your business’s best friends. They’re regular customers, and in addition to their patronage, they’re also incredibly vocal to others — friends, family and the general public — about how much they love your business. Whether online or in person, you can count on your brand advocates to champion your business and even be a knight in shining armor in the face of negative feedback from critics.
Remember this blog post? I once wrote that customer loyalty is dependent NOT on delight but on the amount of effort a customer has to expend for their needs to be met.
That doesn’t mean delight doesn’t play a huge role in fostering customer loyalty. In fact, there’s proof in psychology!
I read a great blog post a while back on the website of Help Scout, a company designed to help businesses provide better customer support. It was written last July, but for reasons you will soon understand, I keep returning to it when I need customer service inspiration.
I’ve written posts on the blog before about the summer slowdown. Warm weather and kids on vacation is a classic combination that leads to stagnant sales — and wistful shopkeepers’ glances out the window at wraparound lines at the ice cream parlor down the street.
I feel your pain! But the trick is never letting ’em see you sweat. Combating the summer slowdown just takes a little out-of-the-box thinking.
Create Christmas in July by making summer an exciting time for your business. Here are three ideas for using incentives and other special offers to boost sales or upsell during an ordinarily slow summer.
Actually, sometimes I get pretty tired of the things “they” say. The Lemonade Way of Life is a pretty Pollyanna view to take when running a business, especially when the lemons life has handed you come in the form of negative customer feedback. It can seem difficult to turn those negatives into a positive.
Good news: There are LOTS of other things to do with lemonade beyond grabbing your pitcher and sugar bowl. Lemons are great for cleaning up kitchen messes and removing odors. It can also cure a sore throat and even create natural blond hair highlights.
All that is to say: Dealing with negative feedback actually can be a boon to your business, if you handle it correctly. But handling these situations well takes grace and nuance, and there are a few things you should keep in mind first.
It’s common knowledge that it’s a lot more expensive to draw new customers to your business than it is to retain current customers…the old adage says six to seven times more expensive, actually. So it should be clear that customer loyalty is key to being profitable, particularly in today’s competitive business environment, regardless of your industry.
And while there are a lot of factors that contribute to building that loyal customer base — your products, your décor, your website design, a great loyalty program — what role does customer service play in that equation? According to research: A BIG ONE!