Improve customer loyalty with on-going perks and rewards
Posted on January 16, 2019 by Anthony Mortimer
Given your concern with the continued growth of your customer base, you’ve likely found that enticing new customers is quite a challenge, and as the market continues to shift and evolve, it turns out keeping them is an increasingly difficult task too. Luckily, there’s a solution…
Listen carefully to your customers
When customers don’t feel their needs are being met by their current service or product provider, they’ll begin to look elsewhere for a business that can satisfy them. To put a stop to this process before it starts, we recommend keeping a record of any customers who call your business in order to complain or ask a question. Whilst you may already keep track of customer enquiries and complaints, many companies fail to make the most of this information…
Be diligent about the details
We recommend reviewing your findings on a month-to-month basis. Some customers have more demands than others, and therefore require a higher level of support and guidance. By carefully listening to their complaints, and noting which customers require the most attention, you can reduce the likelihood of losing them to a competitor by ensuring you meet their needs – as and when they arise.
Stay aware with analysis
You can also analyse your records to predict future customer behaviour. You may find that patterns emerge with certain customers, enabling you to get in front of the problem. Some of your customers may simply require a more comprehensive solution offered by your business, and you may find that you can not only satisfy their requirements, but also improve your business’ bottom line in the process.
Know when it’s time to take action
We also suggest noting when there’s a disruption in your customer’s buying process. If, for example, Steve has purchased your product or services every quarter annually, and suddenly he doesn’t place an order for over six months, this is a good sign that it’s time to take action. Whether you send him an email or pick up the phone, it’s important to find out what’s going on, before it’s too late. You could also consider sending him a quality gift to remind him just how much you value your relationship.
Experience the power of ongoing perks and rewards
82% of companies agree that customer retention is cheaper than closing a new customer.[i] Often, businesses will use gifts to attract customers at the beginning of their buying journey. Whilst this is an effective customer acquisition method, once they’ve on-boarded with the business, customers will frequently be forgotten in favour of new prospects. When you consider the Pareto principle – which says that 20% of your customer database will generate 80% of your company’s revenue, it’s evident that the loss of a valued customer could have a detrimental effect on the welfare of your business.[ii]
Consider this – when Janet’s contract with her broadband provider is up, and she revaluates the options available, she might be tempted to jump ship to a company who offers her delightful goodies – especially when Janet’s current provider has failed to reward her loyalty for the duration of her customer journey.
Make your business one to remember with M&S Corporate Gifts
Providing your existing customers with on-going perks and rewards is a sure-fire way to ensure they continue to buy from your business, instead of your competitors. Show your customers just how much you value their loyalty – get them an M&S Gift card, and empower them with the gift of self-expression.
To learn more about building better customer relationships, download tip sheet today… 12 tips for building better customers relationships
To find out more, contact us on 0330 0580 734.