Customer loyalty is a topic that is more important than ever, as technology has created more consumer fragmentation, as well as creating message and brand overwhelm. While it’s a critical strategic endeavor for every company, even some of the largest brands in the world make significant customer loyalty mistakes. As a small business, you may have[…]
One of my favorite comedians is Bill Engvall, who does the “Here’s Your Sign” gags. According toWikipedia, “Engvall describes people who ask questions to which the answers should be obvious, and in the process, Engvall shows these people to be stupid. With the tag, “Here’s Your Sign”, Engvall then metaphorically gives these people a sign declaring[…]
The National Business Research Institute (NBRI) recently published an infographic detailing why customer loyalty is important, what customer loyalty is, the problem or disconnect between businesses and their customers, the solution for improving customer loyalty and the future of “customer delight.” “Customers are a business’ most important asset, without them the business wouldn’t exist. So it’s imperative to keep these customers happy and improve[…]
Everyone knows Valentine’s Day celebrates the ladies. That’s why Bristol Toyota Scion in Bristol, Rhode Island, recently used its points-based service rewards program, to conduct an email campaign centered on Valentine’s Day being “Ladies’ Day.” Colorful, Valentine’s-themed emails were sent to all of their service reward members, with the subject line, “Be Our Valentine – View Your Gift Inside.”[…]
I have been doing regular blogs about successful promotions in dealerships that come to my attention. In this blog I wanted to let you know about a prepaid maintenance (PPM) plan promotion that was extremely successful at Hare Chevrolet. Hare Chevrolet has improved customer retentionand increased its customer-pay RO count by 12% since instituting a dealer-branded prepaid maintenance program[…]
Companies that provide employees with generous benefits, including contributing more to retirement funds and absorbing health insurance hikes, are often financially healthier because of it. A study released Wednesday found employers that offered substantial programs focused on the long-term financial health of their workers saw a host of business dividends as a result, everything from lower[…]
Many of the so-called loyalty programs in operation today don’t really develop loyal customers at all; rather, they create “frequent” customers. Loyal customers do more than just visit your business more frequently than other customers; they are your businesses’ best marketing tool and your biggest fans! They want your business to do well, and they ensure that you’re[…]
In building customer loyalty, the 80/20 rule is alive and well. Roughly speaking, 80 percent of your revenue is being generated by 20 percent of your customers. All customers are not created equal. Some represent more long-term value to your firm than others. A smart company segments customers by value and monitors activities closely to ensure high value customers get their[…]
It’s a fact: any firm with a high level of customer loyalty has also earned a high level of staff loyalty. It’s darn near impossible to build strong customer loyalty with a staff that is in constant turnover. Why? Because customers buy relationships and familiarity. They want to buy from people who know them and their preferences. The key[…]
A customer becomes loyal to a company and its products and service on step at a time. By understanding the customer’s current loyalty stage, you can better determine what’s necessary to move that customer to the next level of loyalty. Our “Growing Loyal Customers” system comprises six stages: suspect, prospect, first-time customer, repeat customer, client and[…]