3 Benefits of a Loyalty Program
Quality over quantity – you may apply this saying to other parts of your business, but what about as it pertains to your customer base? Sure, you want to eventually grow your customer base and get more people through the door. However, the best way to attract new customers and increase your profits is actually through customer retention. Repeat clients are likely to spend more money at your business and more consistently, and they are also the most likely customers to recommend you by word of mouth.
So how do you encourage new clients to keep coming back? Loyalty programs are a tried-and-true way to benefit both you and your clients. Here are some of the most important benefits of creating a loyalty program.
1. Builds personal relationships
As TV and print advertisers have known for decades, one of the best ways to make sales is to appeal to a potential buyer’s emotional side. When presented the right way, a loyalty program can be a perk for your most dedicated customers, rewarding them for choosing you over all the other options.
A loyalty program can provide important insights into customer history that you can use to personalize their experience and your communications with them, deepening the personal connection they feel to your business.
2. Word-of-mouth advertising
As mentioned above, loyal clients can be loyal in more than one way. A client who frequents your business is also likely to engage more with social media and give personal recommendations to friends and family.
Word-of-mouth recommendations are especially meaningful in advertising your business, as new potential customers more readily trust their personal connections, who can give more detailed information about your business than they might find through a more generic source. With a loyalty program, you can also provide rewards to further encourage referrals.
3. Say goodbye to price competition
These days, with online search engines, shoppers can do price comparisons with ease. It is increasingly difficult for smaller businesses to compete with chains in that arena, so your business needs to stand out in other ways.
A loyalty program can offer benefits and a more personalized experience to your customers that they may find more valuable. Rewarding your repeat customers is an easy way to distinguish yourself among their consumer options, while also appealing to their emotions. If they are incentivized to keep coming back to you, price competition is much less of a concern.
Loyalty programs can only enhance your customer base and retention, so what are you waiting for? If you are interested in setting up your own loyalty program, we at Laigle Business Group are happy to help.
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