5 Ways to Create a Loyal Customer by Rewarding Them
Creating a business where a customer’s return is where the real profit is. You work hard to get them in the door and you want to do what you can to get them back time and time again. Creating a loyal customer base can jump your profits from 25% to an amazing 95% based on a study that was conducted by Bain & Company.
Here are a few ideas to create repeat customers.
1. Offer Free Stuff to Repeat Customers
Customers always expect great service and value. Letting your customers know you appreciate them while helping to offer additional discounts is a recipe for success. Some of the things you can offer are discounts for multiple purchases or purchases on each return. You might not make as much profit on the items, but those additional purchases add up to even more profit over the long run.
2. Offer Discounts or Cash Back for Returning Customers
Customers love to feel special and save money. Offering them a discount for return visits help make their return visit to your location a no-brainer. This can come as a “save 10%” on your next purchase, for example.
3. Premium Memberships Work Too
Some customers don’t mind shelling out the extra money if they see an opportunity to save in the long run. Dealer branded loyalty programs can offer them additional discounts that regular customers don’t get to save money. It is another great incentive for them to return several times to help increase your profits.
4. Rewards or Gifts for Referrals
Getting return customers is great, but what better advertisement is it for them to go out and encourage them to bring in customers. Customers will refer friends and loved ones to come and spend their money too. Show the customer you appreciate that by offering them a gift or additional discounts for both you and your new client.
5. Contests are fun and bring additional profits
There is nothing more fun for publicity than holding a contest. Everyone loves to win something. Make it a fun competition for the customers by entering their name into a raffle. The more money they spend, the more entry options they can enter into the contest. You can even combine the rewards. For example, if the customer is enrolled in the dealer branded loyalty program, they can earn double the entry votes into the raffle.
There are a ton of ideas out there to help turn a one-time customer into a lifetime customer today and keep your profits maximized.