Loyal Customers Equal Greater Profits

Nov 10 • Business • 577 Views • Comments Off on Loyal Customers Equal Greater Profits

Loyal Customers Equal Greater Profits
Customer loyalty is rising to prominence as arguably the most important measurement reflecting customer satisfaction with corporate performance. Companies must provide a quality product or exceptional service to build a base of loyal customers who become advocates for the company. Recognizing this, businesses are seeking new methods to leverage a reward program to increase customer loyalty.

Using Different Mediums to Reward Loyalty
Expanding beyond more traditional methods of conducting reward programs, companies are using mediums like Klout in an attempt to add more influential customers into their loyalty base. Winning new customers to your brand means engaging them in some way. Personalizing reward programs so that each customer can realize an individual value from continuing their relationship with the company is a very effective method of building loyalty.

The Impact of Customer Loyalty on the Bottom Line
Companies attempting to draw more influential customers into a reward program hoping they will become advocates demonstrate the potential impact of customer loyalty. Loyal customer referrals are highly sought after since they are more profitable and more loyal than normal customers. A properly designed reward program can create a cycle of loyal customers creating more loyal customers through word of mouth referrals and other incentives.

Mobile Marketing to Loyal Customers
Every company should develop a mobile website to enhance their marketing to mobile customers since one out of every five Google searches are by mobile phones. A good mobile marketing campaign can improve the image of a company while having an immediate impact on profits. Combining customer loyalty programs and referrals with the ease of using a mobile to claim benefits increases the chances of customer participation.

Feedback and Recommendations from Loyal Customers
Customers who are already inclined to positive feelings about your company are more likely to give constructive criticism rather than negative complaints. These customers are likely to possess some insight easily overlooked at corporate headquarters, and they are especially useful in public forums where negatives could come up. Often a loyal customer will rise to the defense of the company when someone attacks it unfairly. Establishing a dialogue with customers is a good way to create a community feeling about your brand and that is very good for business.

Retail Marketing to Loyal Customers
Creating ways to encourage loyal customers to visit stores more often is a good way to increase business. Holding special sales for customers who have attained VIP status or something similar rewards their loyalty, and offers opportunities to increase the information the company has about those customers. This yields a nice tie in between retail marketing and direct marketing to a loyal customer base.

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