In this present competitive marketplace, every business owner will definitely understand how important marketing is to the sustainability of their business. When it comes to marketing in general, most business owners focus only on attracting new customers. While growing your customer base is a vital undertaking that you must work towards, the importance of retaining existing customers must also not be overlooked. Regardless of the type of business you own, promoting customer loyalty should be a major part of your marketing strategy.
What are customer loyalty and loyalty programs?
When someone, usually a customer, chooses your products or services over all other comparable ones in the marketplace, the customer is said to be loyal. Loyalty programs can vary between businesses, but basically, they are a marketing system that offers rewards for the purchasing behavior of your existing customers. For instance, you may give a point card to your customers. And after they have accumulated a certain amount of points, they can use the points to get something within your store.
Why are loyalty programs good for a business?
Loyalty programs can have positive impacts on your business, and here are few points that clearly explain what your business stand to benefit.
- It builds relationship with existing customers
Most people see loyalty programs as being expensive, whereas what they fail to understand is that it can even be more expensive to pursue new customers than to keep existing ones. Loyalty rewards build loyal customers. If you are into production, you can give loyalty members samples of your new products before they are launched, or invite them to exclusive events as a benefit of being a member.
- Protection from competition
The more loyal your customers are, the better your edge over the competition. Having a strong loyalty can make you immune to competitive forces.
- Help to increase sales
Since every client would want to save money, loyalty programs can improve their retention and provide incentives for them to buy. If you offer your regular clients incentives that suits what they want, you will definitely be drawing them in and inspiring them to keep coming back. And of course, spend money.
- Attracts new customers
Loyal clients truly believe in your company and can bring you, new customers. If they are regularly happy with you and your services, they will not hesitate to share it people and consequently, refer prospects. This undeniably is a benefit for your business.
Weekly hotels for extended travels
Weekly hotels understand the importance of customer loyalty, which is why they are offering weekly rewards cash back cards both to their existing and potential customers to increase their loyalty.
When you use weeklyhotels.com to search and book for extended stay hotels, you are entitled to their weekly rewards. The reward offers you a percentage of your spending and is an amazing way to get cash back for your loyalty. You can further use the cash for your next bookings or to get anything you want at the grocery store. With the weekly rewards, you don’t have to always keep an eye on new offers.
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