Why Customer Retention Programs Aren’t Just for Big Companies
If you think customer retention programs are just for the big players, think again. Large businesses like banks and airlines benefit from loyalty programs, but small and medium-sized companies do, too. In fact, keeping loyal customers happy is even more important for small businesses because losing even just a few customers can have a big impact on your revenues.
Many customers stop supporting businesses because they feel unappreciated or like a number. They don’t get recognition for their loyalty, so they move on to another company that will appreciate them. By letting your customers know they’re an essential part of your business, you will keep them around and transform them into brand loyalists.
Offer Rewards That Won’t Put a Dent in Your Budget
If you can’t afford to give away products, readjust your customer retention program to focus on providing rebates or discounts. With discounts, there are no out-of-pocket expenses, but you’re still providing real value that your customers will appreciate. Thank you cards, gift certificates on special occasions (e.g., birthdays or Christmas), and even discounts for certain purchases are all valuable rewards that won’t break the bank.
Connect with Customers on a Personal Level
As a small business, you have a major advantage. You can actually take the time to get to know your customers on a personal level because you’re not dealing with such a large number of them. To take advantage of that “sense of family,” set up a customer rewards program that encourages existing customers to get their friends to join.
Word-of-mouth advertising is essential to the survival of your small business – don’t ignore its value. By preserving the customers you have and using their influence to bring in new customers, you’re not only saving valuable time, but you’re also cutting costs. After all, existing customers who are already happy with your company and your service are low maintenance, easy to please, and ready to spread the word about your company.
Thanks to mobile apps and other virtual platforms, small and medium-sized businesses can save even more money on loyalty programs. In this day and age, there’s no need to pay for plastic cards or complicated systems to run your loyalty program.
As a small business, you can’t afford not to set up a customer retention program. For more information about how loyalty programs can help your small or medium-sized business get noticed and retain loyal customers, get in touch with LoyalMark at 1-866-233-6326 or through our website.