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Using Loyalty Programs to Grow Your Business

Have you ever wondered what the term “customer loyalty” means? When the market competition is downright fierce, what makes a person loyal to a particular brand? What makes them stay dedicated to only the products and services they sell in light of the competition? There is more than one answer to these questions, but common sense would dictate that the businesses that treat their customers right, provide stellar service and continually deliver exceptional products have what it takes to command a prestigious following.

Respect who really built your brand to build customer loyalty.

Companies have a marked advantage when they utilize their unique, competitive edge, and for many, this has relied on the use of customer loyalty programs. People want to feel valued and appreciated not just for the money they are spending, but the decision to choose one brand over another.

The age-old saying “give back and you shall receive” seems more than fitting here; companies that provide their customers with discounts on future purchases or exclusive deals for remaining a long-time client, solidify a mutually beneficial relationship and inevitably gain more dominance.

Having a great product is rarely enough anymore, because chances are that another brand is selling the same stuff at or below your prices. Customer loyalty is all about captivating the attention of consumers and letting them know that they can count on you. Here are some more reasons why every business should seriously consider implementing loyalty programs.

What can a Customer Loyalty Program do for you?

  • Make customer contact more personal. Building customer loyalty means building real relationships. When serving thousands of customers or more per month, it is not always easy to remember individual names, but doing so would certainly be beneficial. Many digital applications allow your customers to sign up or check-in electronically, providing you with what you need to reward them promptly and accurately.
  • Digital check-ups. Conventional punch cards are far less effective than mobile devices. Almost everyone uses a smartphone or tablet these days, and a majority of your customers probably have social media accounts like Facebook and Twitter. By promoting your loyalty programs on these websites, you will both remind customers to sign up and show them that you are making an effort to connect. It is literally a win-win solution!
  • Most business comes from repeat customers. Did you know that cutting out a mere 5% of customer loss, you can increase company’s net profit anywhere from 25% to 85%? It may seem difficult to understand at first glance, but the reason is because most companies rely on repeat buyers, and many of them do not even realize it!
  • Eliminate inventory overload. Is there any quicker way to get rid of piling up products in the warehouse than sending a text message to subscribers letting them know they can get 50% (or however much you like) off their favorite purchase? Welcome to what is called mobile-based loyalty; that subscriber list is worth its weight in gold when you need it to be, but in order to build the list, you must first build reputation.

Every successful business owner acknowledges how much they need and care about their customers. Use loyalty programs wisely, and reap the rewards!

Krista Wolfe is a marketing project manager for Quill.com where she writes to help small businesses, teachers and healthcare professionals make more informed decisions on office essentials. She also writes on our new community blog, Café Quill about a wide range of business matters such as leadership, productivity and work-life balancing. Krista lives in Chicago and you can find her on Google+ or LinkedIN.

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