Encouraging customer Loyalty with KCPOS
Did you know that on average it can cost a business 10 times more to win a new customer than it is to sell to an existing one? And that the existing customer is likely to spend 67% more on your business?
Overwhelming statistics show that customer loyalty is great for business, and winning over a repeat customer is by far the easiest way of growing your companies profits and brand awareness.
So the question is, are you doing enough to keep your customers loyal?
There are a range of different methods you can employ to engage with your customers and ultimately ensure that they are loyal to your organisation. Anything from loyalty cards to branded merchandise can ensure that your business and your brand stays planted in the minds of your customers and that they keep bringing their custom back to your organisation.
Statistics have shown that over 65% of businesses and marketers have already implemented some sort of customer loyalty scheme to help retain custom. Loyal customers are the best way of guaranteeing revenue with repeat business – and rewarding your customers is a proven way of retaining their custom and ultimately maximising the sales potential of your store.
What loyalty options are out there, and how do we implement them?
A simple, but effective strategy that can be used in a range of dynamic customer facing businesses. For frequent purchases, you can consider giving customers rewards, coupons, merchandise or even the first release of new products that come to market. This exclusivity will really make your customers feel valuable, and is sure to work as an incentive for consumers to stay loyal to you rather than the competition.
Having a system or process in which you can monitor customer activity and buying behaviour can be incredibly valuable for your business. Ensuring you are actively making use of data regarding your customers could provide future marketing information to target your customers with specific promotions for their wants & needs. A perfect example of this is Tesco with their hugely successful Clubcard. The retail giant has an vast bank of data of its customers buying behaviour such as indulgence purchases, fuel spend, weekly shopping and more which are all golden pieces of data to capitalise on.
Using Loyalty Schemes Strategically
With using the data captured from your loyalty schemes, you then will have such a better understanding of your customers than ever before. Information such as email addresses, demographics, social media engagement are all useful tools to market your products to your customers and deliver your ‘message’ effectively, and measurably. Moving forward, with this data you can provide much more targeted marketing campaigns towards your customers, but then understand the success of your campaigns and where to invest resources going forward.
Loyalty is proven to increase the success of your business, but is more than handing out a card to customers. It needs to be a complete experience of improving you customers interaction with your business. Taking the concept across all the channels of your business such as; in store, online, by email are all functions of your business which can be tailored to suit your customer experience. Providing your customers with a unique and memorable experience in which they feel valued is the key to retention.
Need more information on how to make your business more profitable?
Speak to one of our EPOS experts on 01724 400300 for further information or use our ‘live chat’ in the bottom right corner to be instantly connected to one of our team. OR just Download our FREE guide that will walk you through making the right choice, by clicking the link below.