by Jennifer O’Brien
It is extremely important to show appreciation to your existing customers. Without their continued business, your company would not be as successful and you need to have a plan implemented to reward them. Your loyal customers are a big asset because they have continued to buy your products or services and it is common sense that it’s easier and more cost effective to keep an existing customer than to gain a new one. It would be a little investment with a great return. There are many ways to show appreciation to your existing customers.
If a consumer has continued to spend money on a certain company’s products or services, they want to feel special. One way of doing this is by sending them a preferred card which gives them exclusive perks. For instance, if someone holds a preferred card to a jewelry store, that might grant them the perk of free jewelry cleaning. If someone holds a preferred card to a coffee house, that might grant them the perk of free refills or the occasional free beverage. Customers can also be sent a birthday card containing a discount or a free birthday product.
The use of customer loyalty programs greatly enhances the effectiveness of email marketing. There has been research done to suggest that email marketing campaigns inviting customers to join loyalty programs are the most successful. So, you could use email marketing to invite customers to the rewards program or use email marketing as a channel for sending exclusive perks. Customers enrolled in the loyalty program will be more likely to open these emails because they will contain exclusive perks from businesses showing their appreciation.
The benefits associated with customer loyalty programs are significant. Loyalty programs can ensure the likelihood of having lifetime customers. The incentive for a person to switch companies after being treated very well is low. They would have no reason to switch if they are satisfied and feel appreciated. So, instead of just having a one-time customer who goes to the competition, you have a customer who is going to spend a lifetime buying your products and services.
These lifetime customers will be more likely to tell friends and family about your company if there were a customer loyalty program in place. This is because they will be satisfied and appreciative of the perks given to them and would want to let their friends know how to get in on it. Positive word of mouth marketing is a powerful, highly effective way of generating more business.
Even though it may cost a little bit of money to implement these programs, you gain a lot more. Not only will you ensure your current customers repeated business, but you will attract new customers to join as well.
