Keep Customers Hopelessly Devoted

You can, and should do this. What are we talking about? A loyalty program. Business owners want customers. But, often, they’re too focused on finding new customers, which can be one of the hardest—and most costly—aspects of running a business. Show your gratitude to current customers with offerings, discounts and rewards, and they’ll happily return again and again, all while spreading the word about your business and growing your customer base.

·        Cost effective: Merchant Warehouse says business owners spend six to seven times more money to acquire new customers than to retain old ones (who also happen to spend more). 

·        Repeat customers: Offering points can increase repeat shoppers annual visits by up to 20 percent.

·        Now decide what system works best. Popular options include:

·        Point-based: Set the amount of points customers earn based on how much they spend. Once they hit a targeted amount, reward them with discounts or freebies.

·        Rewards for paying upfront: Small business owners can offer regular customers an incentive to pay ahead. (Psst … this helps with cash flow management.)

Lastly, invest in automating your loyalty program—it provides additional opportunities to make changes and offers on the fly, helps maintain clean tracking and encourages more meaningful communications based on purchasing history.

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