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Loyalty: faithful adherence; faithfulness to commitments or obligations
As a business owner, manager, or marketer, you want your customers to be loyal: to choose you over a competitor, and to return time and time again. Read through the definition of loyalty again and let it sink in. And consider from a customer’s perspective what you are asking for. And then ask yourself: am I giving customers enough good reasons to come back?
Your own experience tells you that loyal customers will bring the greatest benefit to your business in the long run. Depending on your industry and which study you’re reading, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.
In today’s consumer environment it’s becoming more difficult to engage with and retain customers. It’s likely that you have thought a lot about what new strategies you could try. Let’s start with a definition of loyalty program and then cover five possible strategies you could try.
Loyalty program, defined
Structured strategic engagement with customers to influence their purchase of goods or services. A program includes incentives such as discounts, coupons, or other special offers, points or credit toward future purchases, or special access or privileges (for example, line cutting, discounted/free delivery, or early access to pre-release products).
What makes a good loyalty program?
Here are five tactics that successful companies have used.