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Tag Archives: Loyalty business model

Strategies For Customer Retention

article_photoWithout customers any business no matter how smart or inventive will simply curl up and die, in this hyper modern market with quick changing frequencies it’s imperative you manage to get your customers to stick to you like glue. Enticing them in is just the beginning of the journey, once they’re through the door, it’s not enough to just leave them standing there admiring the wallpaper. Unless you apply some notable retention strategies, you’ll soon find them running for the nearest fire exit as your business slowly withers into extinction. Here are some great tactics that will ensure your customers stay right where they should be; with you.

Start as you mean to go on

Form the very first nibble of interest you should be finding ways to keep your customers coming back for more. Customer loyalty is a highly sort after prospect, and it’s not just given away like yesterdays newspapers. Your customers want to know you care about them and not just about notching up another sale. Getting to know and understand your customer is like entering into a lifetime relationship that will flourish over many years, and benefit both parties. You get your repeat business, and the customer feels valued and part of a brand. As human beings it’s a natural occurrence to want to belong to something, be it a family, a sports club or a brand. Sharing values with your customers is a sure to way to make them feel welcomed, and part of the community that you offer rather than just a statistic on a flow diagram or a thin slice in your latest pie chart.

Engage your customers in every way

Engaging with your customers through various media will give them insights into your business and spur on reciprocated insights for you to use in return. Keep your content informative and relevant, and listen carefully to the feedback that you get. This can be one of the best places to get advice for innovations as they come straight from your own customers who know your business without bias. Using blogs and social media channels are great ways to connect with various customers and engage through different ways, monthly or weekly emails can be good reminders to customers to show you are constantly thinking of them and they’re not swept to one side once they’ve crossed your palm with gold.

Always go further

Going above and beyond the call of duty is probably the best way to enhance customer loyalty. If a customer feels they can confide in your brand and get trusted advice then they will consider you a trusted relation that they can come to time and time again, this is a certain way to create unbreakable bonds. Online contact retailer Nextdaylenses, has gone beyond simply allowing customers to visit the NextdayLenses website. They also offer e-mail and Skype Optical advice which gives their customers a more personal chance to directly connect with staff and the brand.

No sooner have you found your customers than you begin to lose them again unless you’re prepared to fight for them. Many businesses today will see as many as 80% of their customers drift in to the ether, just make sure your business doesn’t follow the trend.

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Kevin McNulty is a budding entrepreneur and author. When he’s not working on his own projects he loves blogging and cycling.

 

 

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The Evolution of Customer Loyalty Programs

Marketing on many levels has tapped into the success of customer loyalty programs. The idea of building a sense of identity and interest in customers isn’t new, but with electronic data management, it’s become easier to address specific interests and needs. Stamp rewards and exchanges of yesteryear are replaced with everything from gift cards to gasoline discounts in the present. Meanwhile, games continue to provide incentives for customers to affiliate more with one business or another. However, merely offering a program doesn’t assure loyalty.

It’s important to analyze the needs of customers in developing a good loyalty program. A system that provides great rewards is more likely to produce the repeat business that is desired. Meaningless rewards, however, are unlikely to garner positive interest. In fact, poorly chosen loyalty rewards may drive customers away. Meaningful options don’t have to be overly expensive. They just have to provide value to those customers who are being targeted for repeat business.

A contrast can be drawn through consistency. The business that is consistent and dependable in administering customer loyalty programs creates an environment that allows trust to grow between consumers and the company. A customer recognizes that the rules won’t continually change. It’s important to establish guidelines and adhere to them. In doing so, a business creates a sense of stability that attracts repeat interaction on the part of the customer.

It’s especially important to recognize the place that the Internet plays in cultivating customer loyalty. Social media plays a predominant role in providing consumers with updates on special deals, sales and other activities. Integrating these methods into loyalty programs can draw more interest if it’s handled well. It’s important to keep social media interactions simple and concise. It’s also important to understand how different social venues appeal to various customers. Some are image based while others are focused on interaction. Each venue will attract a slightly different demographic, and effective interaction and promotion requires some study of the way in which each venue is used by one’s clientele.

The use of smartphones is causing some transitions in customer loyalty programs as well. These permit more access to information and updates for consumers. However, overdoing it can be a problem for those who are already overloaded with text messages and multiple emails. It’s important to make mobile messages meaningful and simple. Value and simplicity are essential for keeping the interactions positive in the eyes of customers. Knowing how customers use their devices is important so that a good balance can be maintained in an age saturated with electronic information exchanges.

Colloquy is a resource for businesses who wish to gain an edge over their competitors through loyalty Marketing. Look to colloquy.com for publications, cosulting and more in regards to gaining customer loyalty.

 

 

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