What’s
the value of loyal customers? According to a study by Yotpo, loyal customers offer
a brand three key benefits:
- They tell friends and family about the brand
(60%)
- They are willing to join the brand’s loyalty or
VIP program (52.3%)
- They spend more on a brand’s product even if
there are cheaper options elsewhere (39.4%)
Not
only this, but HubSpot has found that existing customers spend 67% more than
new customers.
Keep
your customers, make more money. It’s that simple. Optimove, reporting on the
Yotpo study, put it this way: “The power of customer loyalty is so vital, its
effects could mean the difference between your business either thriving, just
about surviving, or breaking down completely.”[1]
Optimove
went on to suggest three ways you can show your appreciation and keep those
customers around.
1. Let them know that you
reward loyalty.
Regardless
how you reward loyalty, it’s critical to let your customers know that you do.
Don’t make them wait to find out. Promote
your loyalty program in your direct mail pieces. Create a “loyalty” link on
your website. In your print and email newsletters, talk about real people who
have saved money and earned free stuff.
2. Create and promote
multi-level incentives.
Tier
your rewards so that the most loyal customers get the most benefits. The more
loyal they are, the more they save, the more they earn, and the more insider
benefits they get. Also consider
creating a sense of competition. “Enable your customers to compare their
scores, points and/or rankings with other customers,” says Optimove.
3. Re-engage disconnected
customers.
Don’t
assume that lost customers are gone forever. There can be many reasons they
have stopped buying, many of which may have nothing to do with them falling out
of love with your products. Sometimes, all it takes is a nudge and an incentive
to get them to come back.
You’ve worked hard to gain your
customers, and they are worth keeping. Make the investment in your customers and
they will invest in you.
[1]
https://postfunnel.com/keep-customers-3-engaging-loyalty-boosters
Please give us a call at 440-946-0606
Or visit our website here for more information.
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Please give us a call at 440-946-0606
Or visit our website here for more information.
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