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Customer Retention and Loyalty
One of the biggest mistakes we see businesses make is NOT having a system or strategy to keep loyal customers buying from them consistently.
It is FAR cheaper to sell more to an existing customer than it is to go out and acquire a new one. So, once you have built a customer base – you must continually reach out to them to buy more (and more frequently).
So how do you retain customers and keep them loyal? You build systems that will continuously stay in front of them with value-driven offers.
Customer Loyalty Programs
Customer loyalty programs are a simple way to reward your customers and give them an incentive to keep coming back to your business.
Loyalty programs can be as simple as giving your customers a discount after they have purchased a certain amount from you.
Example:
VIP Programs
Rewarding loyal customers with special deals are great for customer retention. It also gives you a reason to reach out to your customers frequently.
Example:
Birthday and Anniversary Programs
These are big in the hospitality industry. Offering a BOGO (Buy One Get One Free) for people with a special occasion builds goodwill AND brings in business. Think about it – most people do not go out for their birthday alone – so the opportunity to sell more + pick up new customers is extremely high with this type of marketing.
Example:
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