A customer is the most important visitor on our premises.They are not dependent on us. We are dependent on them.They are not an interruption in our work. They are the purpose of it.They are not an outsider in our business. They are part of it.~ Mahatma Gandhi ~ Many business owners, when trying to determine the[…]
A good loyalty program consists of much more than simply rewarding your customers’ repeat business. In many ways, the repeat business generated by customer rewards is only scratching the surface of the loyalty and retention benefits available with such a program. A recent article published by ITC Infotech details how businesses can include customer-centric processes in implementing[…]
When attempting to improve customer retention, we often focus on incentives that will drive customer behavior to change: if we want to develop customer behavior X then we offer our customers incentive Y. And as we reward the behavior we want, the encouraged behavior will inevitably become more pronounced. What we frequently forget is that[…]
Every business that has offered a loyalty rewards program has seen a variety of responses to every reward offered. Some rewards are rarely – if ever – redeemed by members, while another reward may seem to be the only reward members want. And while we may switch out unused rewards for others we see as[…]
The best way to figure out what your customers think of your business is: ask them. Profound, right? Surveying your customers can provide you valuable insight about your products or services that you can only rarely experience for yourself. What are your customers experiencing? How are they responding to recent changes? How are they interacting with your[…]
Loyalty programs – all but non-existent a decade ago – have become increasingly popular in virtually every business and retail establishment. As the demand for effective and efficient loyalty rewards programs continues to rise, so does the supply of available programs. But even a professional with limited experience in the world of rewards programs can[…]
In a lagging economy, keeping your loyal customers loyal can become increasingly more challenging, but there is probably no other time when good customer loyalty is more vital to your business. Your loyal customers are your high-value clients, bringing in as much as 80% of your overall sales, according to Pareto’s principle (the 80-20 Rule). These customers will not leave you for your competitors based[…]
It is a generally accepted principle that it is more expensive to acquire new customers than it is to keep old customers loyal. Additionally, Pareto’s 80-20 rule tells us that our most loyal customers are responsible for bringing in as much as 80% of our overall sales. It’s easy to see why customer loyalty and rewards[…]
Most loyalty programs worth their salt come bundled with marketing tools – like email marketing systems – to help keep you in contact with your program members. Maintaining regular contact with your members is essential to building strong, long-term relationships, and email marketing is probably the most cost-effective method. But just because you can blast an email[…]
Discover card leads the credit card industry in customer brand loyalty for the 15th consecutive year, according to an annual study by the independent research firm Brand Keys, Inc. The 2011 Brand Keys Customer Loyalty Engagement Index(SM) examined 528 brands in 79 categories to determine the degrees of loyalty that consumers exhibit toward their favorite[…]