I am a big shopoholic, but in my own way. I do not like exploring every other outlet that I see in a shopping mall or a market place. I am very much particular about what I want and like to choose the brands that always fulfill my shopping needs, be it buying an ice-cream or a party dress. Knowing where I would probably get what I am looking for makes things easier for me, rather than spending hours by checking out each and every outlet available.
What excites me to stick with the brand?
Well, it is the value, love and of course the quality they give to me. But, don’t get confused. I have found many brands satisfying my needs, but not all of them are in my favorite list. It is simple- the brand takes care of me and I make sure I stay.
The fact of the matter is, loyal customers are always special to any brand. And, why not? After all, they are the ones who always believe you and choose your brand over others.
As per the market research, working towards making new customers is never easy, and always expensive. You can’t afford to lose your current customers in search of acquiring a new one. As the saying remains “A bird in the hand is worth two in the bush.”
Your loyal customers are most likely to be the constant revenue you can always depend on. In other hand, marketing your products and strategising for customer acquisition does not always guarantee success.
Many businesses don’t mind going the extra miles to gain new customers, such as offering discounts, cheap prices, additional values, and other services. However, it is needless to mention that people often move on to another brand when the honeymoon period of one’s is over. Ahem, I know you can probably relate.
When looking from the monetary standpoint, it may not be a practical solution to offer your loyal customers all those benefits that are generally used to lure in new customers. But, it can be really helpful if you do something special to those who put their trust on you. Doing this will encourage your customers and induce them to come back and spend more.
A long-term customer undoubtedly has more value than a single-deal customer. As a business, there is no denying that you should not look to increase your customer base, but at the same time, you need not to forget your loyal following. Loyal customers build a revenue foundation for you and prove to be more profitable and predictable.
So, we talked about how a customer loyalty programme can benefit a business. Alongside, you also need to know that having the right loyalty solution is the key. To determine what type of customer retention programme would work best for your type of business, you can get assistance from our experts at Incentiwised.