4 Easy Ways to Increase Customer Loyalty
While it’s tempting to focus all of your marketing efforts on acquiring new customers, research shows that there is far more opportunity in marketing to your existing customers. How have you expressed gratitude to your customers lately?
A study by Flowtown shows that it is 6 – 7 times more costly to acquire a new customer than it is to retain an existing customer. In addition, the study showed that profits could increase as much as 95% by boosting customer retention rates by even 5%. Check out the infographic below for more interesting stats on the value of an existing customer!
There are several easy and meaningful ways to show your customers you care. Here are a few ideas to help you get started!
Always say thank you
In today’s digital world, many businesses forget the rules of old fashioned business. One of the easiest ways to show gratitude is by simply saying, “thank you.” Whether it’s through a handwritten note, taking clients out to dinner or sending a sweet treat, saying thank you is a simple, yet often forgotten, gesture that goes a long way.
As they always say in business school, 80% of your revenue often comes from only 20% of your customers. How do you stay focused on the top 20%? Create a customer loyalty program that rewards your best customers. If your rewards program delights your customers enough, they’ll even tell others about your business in the process. Your customers will look forward to receiving their gift protecting your business from losing customers to the competition. For example, check out how this Iowa car dealership used sweet treats to keep their customers coming back.
Share your customers’ successes on social media.
Social media allows us to find out about exciting news in real time. Be sure to follow your customers on social media and congratulate them when something big happens. Your customers will appreciate that you are listening to them both online and in person and will be grateful for the additional exposure you give them too!
Send something sweet!
We built our business around gratitude and have worked with several other leading businesses that have been successful doing the same. Therefore, we couldn’t end this post without mentioning that there’s nothing better than receiving Carol’s Cookies as a corporate gift. We receive daily emails, phone calls and photos from people who have experienced the pure surprise and delight of receiving the gift of Carol’s Cookies. Check out our corporate gifts page for more info on how to pass this on to your customers!