It’s a fact. Loyal customers keep your revenue flowing. In fact, loyal customers spend 67% more than occasional customers. Furthermore, acquiring new customers costs 5 to 10 times more than selling to a current customer and, according to a recent study, 20% of your existing customer base generates 80% of your profits. Just a 5% increase in customer retention can boost your business profits by 25-125%, which is why focusing on boosting customer loyalty is a necessity.
Now that we’ve given you all the stats, the following sections dive into 5 ways you can boost customer loyalty within your current customer base.
If you want loyal customers, amazing customer service is a must. A customer evaluates every interaction they have with your staff and makes a judgment call about your service as a result of this interaction. When a customer waits in line, makes a return, calls about a broken product after a purchase, asks a question on Facebook or works with an employee to find the perfect gift in your store – they’re keeping score.
That means your in-store staff must be friendly, helpful, and efficient. Your customer support team should be easy to access and able to solve problems in a timely fashion and your business should work to answer questions quickly – even on social media.
76% of consumers believe a company’s customer service is a reflection of how much they value customers, according to the 2017 Aspect Consumer Experience Survey.
The more detailed a picture you have of your target customers, the more effective and targeted your service or product can be. Additionally, if you know which individual customers are the most valuable, you can go that extra mile to engage them and ensure customer retention and loyalty.
The right EPOS system will help you tailor your product or service to your customers’ desires based on the data you collect. Your most reliable items or products will be highlighted by the system, in addition to your customer’s order history and preferences can be pulled up. Businesses can use this information accordingly – consider including them as part of a special promotion.
Everyone loves a deal. Establishing a customer loyalty program by running discounts and promotions through your social media channels and website makes things interesting for your customers.
Customers love to know that you care about them and rewarding them with a discount for their loyalty is something they will greatly appreciate. You can run these promotions easily through your website, your Facebook page, or even through an Instagram giveaway.
Don’t get us wrong – all customers are important and making each and every one of them happy should be a core priority. However, having a targeted approach for the customers who are naturally inclined to your business can go a long way too.
To do this you would need the right data. Fortunately, as discussed above, with a powerful EPOS system in place, you could have access to all the insights you need to determine which of your customers are most loyal to you.
Once you have this information, you can go after these customers and keep them coming back to your business. You could also determine which of these customers are likely to spend the most and encourage them to purchase more with various promotions and offers. This strategy would work extremely well with loyalty programs, rewards systems, and gift card functionality built into your EPOS system.
As a matter of fact, a Customer Thermometer survey recently revealed that 68% of customers won’t return if they feel a business is indifferent to them.
With an effective EPOS system in place, administering loyalty benefits is a walk in the park. These can be administered in multiple ways, ultimately depending on the type of business you own and the kind of customers you deal with.
The primary function of any business is, undeniably, to generate sales and profit for its owners as well as to keep its customer base happy and coming back for more. A popular way through which many choose to boost both of these is by offering lucrative promotions and loyalty program benefits to customers.
While this may not sound like a particularly complex function, effective management and execution of discounts and benefits are necessary if they are to make returns in the long run. That’s why many business owners turn to handle their promotions with EPOS systems.
For more information on boosting customer loyalty visit eposEX.