The law of attraction in customer retention and acquisition
Posted on November 15, 2019 by Anthony Mortimer
Reap what you sow is a well-known saying, it can not only apply to your personal life but in a business context too. Using positive tactics such as gifting and rewards can help your company build a better relationship with buyers, which naturally generates more revenue. So, what can you do to make your boost your company’s positive attraction, use this good feeling to generate customer retention and attract new ones too?
Make your existing customers feel valued
Making your existing customers feel special and showing appreciation for their business can have a genuine effect on the way that your company makes sales. Selling to an existing customer is 6-7 times cheaper than finding a new one1, so although it’s important to grow your business by bringing in new prospects, you shouldn’t forget those that have already given you their support.
Essentially, the more you can encourage existing customers to return, the greater your ROI will be over time – but how can you make them feel valued?
Personalise their experience
Making customer experience a priority in your business strategy can help to keep customers coming back time and time again. This reaches far beyond simply addressing them by their first name, or sending a recognition email on their birthday. Instead businesses need to tap into things like segmenting your audience, looking at what they’ve bought from you and then tailoring further gifts and discounts to either directly enhance their lives, or give them the capability to choose what their own reward should be. 62% of consumers expect companies to send personalised offers or discounts based on items that they’ve already purchased.2
Gifting and rewards keep customers coming back
Customers want more than a simple transaction from the brands they buy from. Customers who are emotionally connected have 4 times greater lifetime value3 – so by offering things like gifts and rewards, you can expect to accumulate more of their business over time.
There’s plenty of human touches you can add to your buying journey. But, delighting your customers with an M&S Corporate gift card shows them how much their business means and helps nurture a long-standing relationship between you. There’s no need to spend hours looking into what’s available as we’ve made it so simple to order our Gift Cards, e-Gift Cards and e-Codes for customers to spend it well on a treat that’s personal to them.