Want your customers and clients to keep coming back and continue to purchase products or services from your business, rather than stray to your competition? Of course you do! That’s exactly what all merchants and business owners are looking for; constant repeat business and less threat of losing customers and clients to the competition. It seems like an almost impossible feat! But is it?
Loyalty Programs To The Rescue
There is indeed a way to encourage customers and clients to continue to seek your business out in particular, regardless of who your competition may be. Enter Loyalty Programs.
The fact is, consumers want and need to feel appreciated by the companies they do business with and they prefer that appreciation to come in the form of meaningful and beneficial rewards. The numbers back that up, in that 83% of consumers actually say they will continue purchasing from a company, due to its effective Loyalty Program.
Moreover, a loyal customer or client will end up spending 10 times the amount of their first purchase with you, proving that loyalty can make an enormous difference to your company’s bottom line.
An Effective Program
The most important thing a merchant or proprietor can do when it comes to establishing a Loyalty Program, is to make sure the rewards being offered live up to your customer or client’s expectations. Offering rewards that, in the end, really don’t add up to anything much, is by far one of the biggest mistakes you can make when creating your Loyalty Program.
Today’s purchasers are sophisticated buyers that easily recognize a good deal from a bad one. You can count on them to quickly realize when they’re not truly being rewarded, which will make them feel disappointed and lied to and will only serve to quickly propel them away from you and towards your competitors.
A successful Loyalty Program offers a wide variety of inviting and profitable rewards, substantial enough to put a smile on the faces of customers and clients and compel them to want to continue spending their money with you.
It will keep them coming back for further rewards. Loyalty program rewards can come in several forms, such as outright discounts, free products and services, points and coupons towards future purchases, as well as private showings and advance notices regarding the availability of new and special products and services, not yet being offered to the general public. These are the types of benefits that make customers and clients loyal to the core and hungry for further benefits.
Basically, it’s a no brainer that one of the very positive benefits of having a successful Loyalty Program in place, is that it encourages happy and satisfied customers and those are the purchasers that will return often and continue to spend their money with you. However, if that isn’t enough of an advantage to your business, here’s the clincher. A happy consumer is less likely to create chargebacks.
Yes, they may still return purchases or complain about services rendered, but they’re more apt to call your company directly when they have an issue. When a consumer has an overall good feeling about a business, it just isn’t likely that they’ll run to the banks and credit card processors to complain and attempt to get their money back. Thus, if you’re a merchant or proprietor, operating within a high-risk industry, you’ll be far more able to hold on to your merchant account without experiencing the hassles and challenges that chargebacks can and do bring.
If, on the other hand, you’re in a low-risk industry, you’ll find yourself better able to hold on to your low-risk status and retain your much-needed high risk merchant account. Either way, its a winning situation for any business.
Loyalty Equals Profits
Given the proven success of Loyalty Programs, it’s pretty clear that creating such a program is worth the time and effort of most merchants and proprietors. It doesn’t matter what demographic your business may appeal to. Just about everybody loves to be appreciated and rewarded and will continue to come back time and again to get more of the same.
That’s a proven fact. Loyalty Programs bring increased profits. If you don’t already have a Loyalty Program in place, perhaps now’s the time to get one going.
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