Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Customer loyalty is its own reward

By Richard Wilkins Subscribe to RSS | May 18th 2012 | Views:

Not many factors remain constant when running a business, but to be successful one thing does: customer focus. Whether an established company or a new start-up, customer retention should be a key objective in making a business work. Customers are the most powerful marketing tool so keeping them happy will invariably see your company grow and become successful. With so much competition in every industry, offering incentives, such as customer loyalty programs has become a key part of many business strategies.

If you think a customer loyalty program can be kept on the back burner whilst building other parts of a business, think again. Statistics show that the average household now belongs to 14 different reward programs and this number is on the increase. With that in mind, customer retention should become a company’s main marketing focus. Is a customer loyalty program right for your business and how can you go about starting one that will generate real results?

Even a business that deals with customers on an infrequent basis could benefit from a customer loyalty program. The purpose of a reward program isn’t just to keep existing customers content, but also to encourage them to refer more clients. However, the majority of businesses do rely on their customer base so offering rewards is the name of the game.

Utilizing the current data a business may have on their customers is key to starting a successful loyalty program. Figuring out how much the best costumers spend on average and how frequently they use the service is vital to gauging the reward value to offer. Most successful business loyalty programs target the top 10-15% of their customer bases rather than offering a broad discount to all patrons.

Customer loyalty programs come in various forms. For example, a club card that provides a discount with every purchase, a points program that lets customers cash in their loyalty for goods and prizes, offering priority shipping or giving them access to an item or service only available through a paid subscription. Never limit reward programs to discounts only. They don't have a lasting impact on customers' memories. Statistics show that physical prizes or earned bonuses like frequent flayer trips resonate much more.

Offering a loyalty program should no longer be an extension to your marketing plan, but a necessary part of it, as customer retention becomes ever more important in a competitive marketplace.

Richard Wilkins - About Author:
The author has an immense knowledge on customer loyalty programs. Know more about customer retention related info in his website.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Business Articles Subscribe to RSS

Why understanding customer satisfaction is important?
Published by Chris Adam on January 6th 2012 | Business
Customer is the king. There are no two ways about it. He is entitled to get utmost satisfaction f...
Enhance customer satisfaction - Inventory Management Software could hold the key
Published by Mary Porter on June 20th 2012 | Business
The latest Inventory Management Software has been designed with the needs of businesses at heart tha...
Cheap handbag wholesale is gaining momentum with apposite customer orientation
Published by Marian Anderson on March 15th 2012 | Business
Who is not fond of wholesale discounted products? Even if the product is merely of £1, and you get ...
Steadfast ways to improve customer relationship and loyalty
Published by Heather Protz on March 30th 2012 | Business
When you forget about your old customers, keep in mind that you’re paving way for your competitor...
Why customer satisfaction plays a very important role in the moving industry
Published by Samuel George on March 7th 2012 | Business
We all hate moving, the joys of shifting to another home are often drowned by the complexity and cha...
Taxi Service Oakland CA-Ensuring timely services supported by customer care and workshop team
Published by Mithun on April 19th 2012 | Business
Yellow Taxi services you will find much switched on, technology-based service providers, allowing pe...
Different strategies to understand customer retention programs
Published by on January 6th 2012 | Business
With the advent of technology, the world has shrunk and the business communities from all over the g...
How to know the liking of customer by Survey Phone
Published by Snooozy on March 6th 2012 | Business
Survey phone are the surveys which are conducted by organizations and companies to know about the qu...
How do Name tags Australia help in establishing a customer bond?
Published by Simon Smith on January 10th 2012 | Business
Name tags Australia provide an edge to the customer service and salespersons. Customers feel more se...
IVR survey strengthen the relations between customer and company
Published by Snooozy on March 9th 2012 | Business
In the time of huge competition every company wants to have strong relations with its customers. Thu...
Gets customer care outsourcing support 24X7
Published by Jacobroodik on August 8th 2012 | Business
Nowadays if you want to sell an internet item it's much better to take in account that each item has...
Good customer care services satisfy customers and improve sales
Published by Annphilip on January 24th 2012 | Business
When customers are willing to spend on products or services, they also expect the company's customer...
Phone Survey is best to know the customer’s likes and dislikes
Published by Snooozy on March 12th 2012 | Business
Phone survey is being used by companies to know the views of their existing and upcoming future cons... coupons save the customer money by offering a discount of a given percentage
Published by Maha Devi on May 17th 2012 | Business
The internet has made it possible for us to purchase a wide variety of products online. Through inte...