Most entrepreneurs will face a period of lean profits. There will be a time when business will not be as consistent as earlier months or years. However, it is during this period when small business owners should enhance their customer loyalty programs.
With the amount of options available to consumers today, customer loyalty is far from certain. As a result, entrepreneurs should utilize numerous avenues to keep constant communication lines open to customers. Social media, e-newsletters or in-store suggestion boxes all allow small business owners to have open dialogue with customers, writes Jason Teichman of Register.com.
Additionally, marketing campaigns should target both existing and new customers. The former should not receive the majority of targeted advertising, but heightening their brand awareness is key during less profitable times.
AllBusiness.com writes that customer loyalty programs can provide immediate results as entrepreneurs increase the incentive for customers to return.
David Alcorn of Return on Behavior magazine noted that a 2 percent increase in returning customers is congruent to a 10 percent cut in costs. Additionally, Alcorn stated that small businesses lose 10 percent of their customer base annually, driving the need for greater customer loyalty programs.
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