There are plenty of reasons to obtain a working capital loan for your small business. However, most owners would agree the ideal reason is to afford more inventory and expand staff to keep up with strong customer demand.
One way business owners can achieve greater customer demand is by encouraging repeat visits and allegiance through a loyalty program.
Explore your options
There are numerous ways to institute a customer loyalty program.
For example, you could simply opt for punch cards that reward consumers for a certain number of purchases. Another option is having customers sign up for an online newsletter or email program so you can send them special coupons along with news regarding upcoming sales and store promotions.
Go beyond discounts
If you really want to capitalize on a customer loyalty program, think about more than just inspiring repeat visits with discounts. You should institute a program that will allow you to measure how much business the program is bringing in, as well as important details about your customers. This will help you tailor future marketing efforts to reach the specific types of consumers who frequent your business the most.
Make it easy
No matter what type of program you settle on, be sure to make it as painless as possible for customers to sign-up. Too much paperwork or complicated opt-in processes may leave customers feeling like joining the program is too much work.
There’s nothing wrong with paper punch cards, but it’s a simple fact that today’s consumers are spending way more time on their smartphones and computers than fishing around in their wallets and purses.
Choose rewards carefully
At the end of the day, your customer loyalty program needs to be as beneficial to you as it is to consumers. Incentives that cost your business too much money may not be worth it.
Additionally, poorly chosen rewards may not do much to inspire more loyalty from consumers. Think carefully about what your customers would most want, as well as what you can offer without breaking the bank.
Promote your program
Even the world’s most well-planned customer loyalty program won’t make a dent if consumers aren’t aware of it. Marketing is essential to a program’s success, so be sure to get the word out. Advertisements, social media, in-store promotions – all of these and more should be utilized to get customers interested.
Consider different levels
A customer loyalty program that all consumers can use is a great idea, but don’t be afraid to play around with your program to reward extra special customers. Some shoppers will simply spend more money than others, and it might make sense to offer these dependable consumers rewards that go beyond the standard fare all your customers can enjoy. This way you’ll be going the extra mile to inspire loyalty among the cream of your customer crop.