How does your company define a loyal customer? Is it someone who's purchased from you more than three times? Or maybe you count Facebook "likes," or Twitter followers? Do you have a rewards punch card, or a store credit card?
Knowing which of your customers are most loyal to your brand and having the capability to act on that information are important parts of maximizing your marketing dollars. However, according to a recent study conducted by Loyalty 360, less than half of the marketing executives that were surveyed could identify their best customers.
In fact, only 10 percent of respondents strongly agreed with the statement that they "know who my most loyal customers are, and I know the best way to reach out to them and get them to engage with my brand."
Only 10 percent! That leaves 90 percent of marketing professionals failing to capitalize on potential revenue that's wrapped up in possible spending by loyal customers.
So how do you target your loyal customers and profit from doing so? You follow the steps of a Top 500 Internet Retailer.