Let’s go Heat! I am so excited the Miami Heat made it to The Finals again this year. I am a loyal Heat fan! But in my house, there’s a dilemma of what to watch because we also like soccer and the World Cup is underway in Brazil. I will probably choose the Heat because I’m a big fan and loyal to the team.
Speaking of loyalty, did you know there is a way to boost revenue and attract new customers to your small business by offering a loyalty rewards program? We touched on this topic last week, but I wanted to talk about how to do this. Rewarding customers is a great way for small and medium sized business owners to increase sales and develop a bond with their customers. Here’s how:
KEEP IT SIMPLE – Offering your loyal customers or clients an incentive for repeat business doesn’t have to cost you an arm and a leg. Macy’s offers $10 gift cards to loyal shoppers. Toys “R” Us offers a certain number of points for dollars spent, motivating customers to keep coming back for more. Consider offering one of these options to your loyal clients.
REWARD REPEAT BUSINESS – I love my local sandwich shop and its owner loves me for eating there. I know he does because he offers me a reward for being a loyal customer. When I buy a sub, I get a stamp. After I buy 8 sandwiches, I get one free. Reward your customers for repeat business. If you own a service-based small business, then consider offering a free service once or twice a year as a “THANK YOU” to your most loyal customers.
SOCIAL NETWORKING – If you have social network sites for your business, consider offering your loyal customers important information or advice they might want to know that could affect their business. For example, I remind my Facebook followers about important dates, like when to file their monthly payroll taxes. As a Certified Public Accountant, whose business is bookkeeping, we often keep our clients informed about changing tax laws that could affect their bottom line.
REWARD REFERRALS – Customers who like your work or product often tell others; those customers then tell their friends and family. Offering a great incentive for referrals will not only encourage new business, it will also make your current customers feel that you appreciate the time they spend spreading the word about your services.
Rewarding customer loyalty is a sure fire way to increase sales and to build a brand following. In this day and age of technology and our fast-paced lifestyle, taking a moment to say “THANK YOU” through a rewards program could go a long way. In fact, a report by Manta and BIA/Kelsey shows a repeat customer spends 67 percent more on a purchase then a new customer does. That’s an amazing number and proof that it is extremely important to your bottom line to keep your current customers.
As for me, I will be cheering on the Miami Heat first, but will probably slip in a World Cup game too. In the meantime, thank you to all my loyal clients and readers. I really appreciate YOU!