One unwritten rule that is practiced by serious businesses is that of maintaining their loyal customers. A business that has an unwavering client base can predict its sales and plan accordingly. The loyal customers are a significant asset to the business as they play a role in advertising the business by the word of mouth, saving the company advertisement costs.
Benefits of Customer Loyalty
Benefits of customer loyalty programs are very many. The first benefit is that a loyal customer is predictable. By being predictable, we mean that the business man knows that a satisfied customer will purchase a certain product at a certain time at a certain quantity. Another benefit of customer loyalty is that they act as the salespersons of the business. They do this by referring their friends to a particular enterprise. They will even discourage their friends from buying a different brand from the one sold by their preferred trader. In this manner, they act as ambassadors/indirect salespersons for a given brand/enterprise.
End of Year Events
A company can use end year of events to promote itself or its products. It can even use end of year events to launch new products into the market. Some of these end year events include taking part in an activity that can be seen as beneficial to the community. The community can interpret this to be a form of corporate social responsibility. During such an event, a company’s branded items may be used. Such branded items may include t-shirts. Another end year event that a company may participate in may include sponsoring an event or a competition. Such an event or completion may include sponsoring a local soccer tournament. A company’s branded items may be used in the event.
Customer Rewards Program Ideas
There are very many customer rewards program ideas. Some of these ideas include the use of rebates. Rebates just mean giving a client some points after he makes purchases from a given store. The points are used to buy a company's items. It, therefore, means that the points earned can only be used in or exchanged in a given store. Another customer reward program idea entails designing a rewards program that is competitive in nature. Clients purchase items, and their names are entered into a draw. After a certain period, a draw is conducted, and the winner determined. Many loyal customers will do a lot of purchases anticipating to get the rewards.
Establishing Customer Loyalty Program Ideas
Developing customer loyalty program ideas is not a walk in the park. It is a sector that requires meticulous planning. The company must benefit from the program ideas. Good customer loyalty program ideas are those that will increase the sales of a company. They act as advertising tools for the company. In establishing customer loyalty ideas, the planners must ensure that they retain the old clients and get new ones. The program chosen should not cripple the company.
A good business is one that can retain its loyal customer as it seeks to get new customers. Many methods can be used to achieve this objective. However, in the process of maintaining old clients and getting new ones, care must be taken so that the business' profits are not tampered with.