Make the year rewarding
February/March is when business really kicks into high gear! Everyone is back to their routine and it’s a great time to come up with some fresh marketing ideas that will impress your customers and get them back into your business.
Everyone who knows anything about business understands that it is more costly to attract a new customer than it is to keep an existing one. Exactly how much has been widely debated and depends on the industry, but most scholars estimate that finding a new customer is 4 to 10 times more costly than retaining an existing one. The value that a customer brings to your business is in each and every purchase that they will make, not just a single transaction.
The question is then how do you get the most value from your customers? The solution is brand loyalty. Every business, no matter how small, has a carefully cultivated brand that should represent their business, inside and out. Small businesses actually have an advantage here over big businesses, because it’s easier for them to communicate personality and authenticity. One of the key ways that businesses can create brand loyalty and get the most value from customers is by offering rewards.
Everyone loves getting something for nothing, although it’s not really for nothing is it? Rewarding customers for being loyal to your business is one of the simplest ways of ensuring that they will be a long term customer. Rewards from small businesses will mean more to your customers than rewards from big businesses. This is because customers don’t feel entitled to something from you, instead it’s seen as something above and beyond what you have to do in the course of business.
When coming up with ways to reward loyal customers, there are many solutions that won’t cost your business too much. You should see reward programmes as an investment, but costs need to be balanced with returns.
You can easily cut costs by creating any physical material that you need for rewards yourself. For cafes, restaurants and coffee shops, the tried and tested reward method is to offer a free coffee or drink after a set amount of purchases. Using a simple business card template online combined with printable business cards, you can make up loyalty cards yourself. For customers, this system will communicate that you appreciate their business and they will see you giving something back to your locals and regulars. To really get the message across, you can simply put a nice message on the loyalty card.
Another really cost effective way to create brand loyalty and inspire repeat purchase is to have levels of membership. Is there anyone who doesn’t love getting to the next membership level at one of their favourite stores? Tiers of membership the perfect way for a small business to separate really loyal customers from more occasional ones. This is really practical, as it will allow you to strategically direct certain marketing messages to customers with different purchasing habits. Combine this membership system with a smart rewards programme to really draw customers in. You don’t need to offer too much to create a big impact. For customers who get to higher levels you might create printed gift voucher on their birthday or coming up to the holiday season. You can also invite them to special events, where you can get them into your business and keep developing a relationship. The key is communicating in a personable way when they get the rewards. Let them know that you value their loyalty and they’ll continue to be a great customer!
