June 25, 2018 | By Peyton Sawyer
How’s business? One of the main indicators of how well you are running your business is the customer base that you have built. If you have more return customers than you do one-time shoppers, then you are on the right path to making a great name for yourself. Aside from advertising and location, your primary means of attracting new customers is through word of mouth. That means the more positive reviews or referrals you have, the better it is for your overall business growth. It is important to treat the individuals that patronize your store with care by showing them they are valued.
One way to do that is to create a loyalty program that lets these important core customers know just how much you appreciate their business. Take a quick look below at the many reasons why rewarding your loyal customers is so critical to your overall growth, profits and longevity.
Boost Your Business Growth
It has been proven that loyalty programs can boost business growth. While each type of loyalty program may yield a different result, do not overlook the fact that it has been demonstrated to be successful across many industries. The right program could be just the boost your business needs, so why not give it a try?
A Good Reputation Leads to Customer Referrals
Not only will a loyalty program give your current customers the incentive to return, it will also give them a reason to refer their family and friends to your business. Remember, the more a customer feels appreciated by your business, the more likely they will be to support you by recommending your services to others.
Entice Customers With Money Saving Offers
Enticing your customers with a loyalty program that provides them with money-saving offers is a positive step toward increasing sales. Most shoppers are looking for a bargain. Saving money is exciting to many people, and they invariably want to share their savings stories with others. That alone will usually lead to an increase in new customers and more sales.
It may take some time to research what program will work best for your business as well as the mechanics of getting it started, but once you work your way through the details and get your program in place, it will be smooth sailing moving forward.
May Not Be As Expensive As You Think
While you will incur some start-up costs, the benefits to having a loyalty program will undoubtedly outweigh the expense of instituting the program. If you are experiencing difficulty gathering the capital required to implement a program, you may want to look into alternative business funding solutions. If you do not have the credit or collateral required for funding from a traditional bank, an alternative funding solution, such as a could provide you with the financial boost you are looking for. Take the time to find out how it could work for you.