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Feature Remember timing can be everything when reaching out to existing customers. A dip in customer loyalty should trigger an incentive to make a purchase while a rise in loyalty requires a personal thank-you and an offer for a highermargin product or service. discovered that income is distributed in what we now know as the Pareto distribution – the 80/20 principle. Your revenue distribution likely reflects this with 80 percent of your revenue generated by 20 percent of your customers – loyal customers. Remember this when identifying areas of concern, budgeting your marketing dollars, and training your staff to tailor services to the particular needs of your loyal customers.
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2.Make Communication Count Appropriate, relevant communication will enhance loyalty and boost satisfaction. In fact, 94 percent of loyalty program members stated they want communication from the programs in which they participate (Maritz 2013 Loyalty Report). Dedicate time and resources to create quality, personalized content for your valued customers. Don’t just offer rewards to your customers while they’re in-store.
Business Central Magazine // N O V E M B E R / D E C E M B E R 2 0 1 6
Communicate on a regular basis, keeping your brand top-ofmind. Remember timing can be everything when reaching out to existing customers. A dip in customer loyalty should trigger an incentive to make a purchase while a rise in loyalty requires a personal thank-you and an offer for a higher-margin product or service. 3 Provide Perks By now you understand
loyalty is a complex function of product and brand experience. But did you know that implementing a loyalty program can actually generate new loyalty for your brand? In a recent Technology Advice loyalty study, 80 percent of the 3,162 respondents said they were more likely to do business with vendors that offered a loyalty program of some sort. Perks such as discounts, special events and exclusive access are what today’s customers expect for their loyalty. In addition, remember to reward referrals. A referral is one of the lowest cost-of-acquisition customers a business can have, as Myres pointed out. Not only does