Looking for ways to grow your customer base? Instead of focusing just on attracting new customers, you should explore how to retain your current ones.
We’ve got a suggestion to reward your returning customers which is to 𝘀𝗲𝘁 𝘂𝗽 𝗮 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗹𝗼𝘆𝗮𝗹𝘁𝘆 𝗽𝗿𝗼𝗴𝗿𝗮𝗺.
And what are the benefits of a loyalty program?
Bring back existing customers
Don’t lose sight of your existing customers!
Give them loyalty points if they return to your store to make a purchase. And with each purchase, you should give them more loyalty points. By doing this, you can expect your customers to frequent your store often. This makes them more likely to spend time there.
Retaining customers is less expensive than acquiring them
It’s a mistake for businesses to think that retaining customers is the same cost as acquiring new customers. In fact, acquiring new clients is much more expensive than retaining existing ones.
Some of us might believe it would only make sense to spend marketing budgets on existing customers and use these funds to acquire new prospects BUT this is not the case. It costs 7 times more to acquire a new customer than to keep an existing one.
Establish your reputation
Brand loyalty programs help you build a positive image of your company. Consumers feel valued through loyalty programs. Having a loyalty program attracts customers and builds good reviews for your business.
Providing rewards for your customers will also help you attract new ones. Customers who earn loyalty points are bound to share their joy with their close ones and encourage them to buy your brand in the future. Word of mouth marketing can be more effective than any other advertising medium.
Boost more sales
How loyalty program important to your business? Let’s take an example, give your “loyal” customers 38% off only on 3.8 International Women’s Day. However, how do we define “loyal” customers?
Well, figures able to do it automatically for you. With EasyStore’s loyalty program, you can fully access the information of your customers, including their every purchase history in your store.
Based on all the stats we provide, you can develop solid strategies to retain all clients. It could be something simple such as crediting some loyalty points on the store accounts of your active, or even inactive customers. Definitely, they will be surprised and most properly will trigger impulse buying to your business.
Consider offering your customers the possibility of using the credits to make a purchase. Providing an urgency to make a purchase will help you to scale your business.
Develop brand advocates
Most valuable customers are not just those who spend money with you. Instead, they’re the ones who generate it. They are known as “brand advocates”. They are the ones who will recommend your store to their friends, family or – if they are on social media – to their followers.
Research shows that at least 92% of people trust word-of-mouth (WOM) recommendations from friends and family compared to any other form of marketing. For example, if a customer refers a friend or relative to your brand, you can award one with points, and the other could earn a discount off their first purchase. This is a win-win situation since it brings in new customers and maintains loyalty to your brand.
Create your loyalty program now
Establishing a loyalty program is a great idea if you want to increase sales as well as retain customers. It is cost-effective, builds brand awareness, and enhances customer loyalty.
It is clear from the above that adopting a loyalty program is a great way for your business to recognize and retain your customers. Furthermore, it increases referrals, positive feedback, and increases your customer satisfaction levels.
Want to know more? Read more here.
