45 percent of your clients won’t return.
Let that sink .
Contrary to the latest Lego Movie, 45 percent of a single time customers won’t return in most businesses. And think about it, why would they? They’ve no loyalty to you. There’s a great chance they could find what you are selling elsewhere if they wanted to. They’re your customers, not your friends. The key to getting customers to return is to give them something which makes them feel as a friend, feel like a part of something, feel like they’re getting a deal they can not get anywhere else- and they’ll be. This all begins with a loyalty strategy.
1. ) Use a loyalty program
Your business runs on clients. Suffice to say, the more clients you retain, the more successful your company will be. This makes loyalty programs imperative for customer retention and acquisition. A four year study done by Brian Woolf, a leading expert on retail loyalty, reveals that between approximately 95 percent of new customers stopped coming back over a year’s time. By providing a loyalty program, clients have a concrete reason for continuing to come back and purchase things at your shop. You reward them where others do not. Increasing your retention rate by even a couple of percentage points leads to an exponential growth in cash flow– and that does not love some fantastic cash flow?
2. ) You get what you give
Creating an escalating reward system is a superb way to not just keep’em coming back, but also for customers to spend more. Here is the way it works: you provide higher rewards for attaining specific spending goals over a time period. With this, customers will want to keep coming back so as to reach these thresholds. You are essentially making shopping in your store into a game your clients win by spending more. Sounds like fun for small business owners and owners alike.
3. If they’re your VIP clients, let them know
you ought to thank the men and women who spend the most at your store because they’re the source of a great chunk of your profit. You can achieve so by focusing on a reward program to your best clients. By doing this, you can guarantee that the rewards are being given to qualified clients and they will be spending much more because they are getting a deal. Offer your A+ clients the golden star they deserve.
4. ) Happy clients spread the word
People are far more inclined to listen to a buddy or a co-worker that refers them to a shop than any sort of advertising material. As a result of this, it is important to not just have loyalty programs, but loyal clients also. The happier your customers are, the more likely they are to discuss your organization and recommend it to a friend. Being nice is free and may result in new clients, so remember… always keep your clients happy!
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