We all know that sales are the lifeblood of business. What’s even better? Customer loyalty, which results in repeat sales and great word of mouth in the marketplace. If your business isn’t using incentives to encourage your current customers to continue as your customers, it’s time to look at how they could change your bottom line. Here are 3 proven ActionCOACH strategies to create customer loyalty and boost the lifetime value quotient for your business.
1. Deal of the Week
To keep your business top of mind, spotlight something specific about what you have to offer. Consumers respond well to having items chosen for them, especially as they speak to tangible needs in the moment. Add a special time-limited discount to create a sense of urgency for the purchase, which serves as a subliminal call to action. Deals of the week create customer loyalty through appealing to that sense of wonder about what’s next, as well as the pay-off for purchasers who save money buying the product at a discount from your business.
2. Re booking Opportunities
If your business offers a service that customers need repeatedly, use the checkout as an opportunity to book the next session. Salons, car care centers, massage practitioners, health care providers and many more businesses increase the probability of repeat business by engaging customers with a solid date for their next appointment before they ever leave the building. Add a follow-up reminder call shortly before the next scheduled visit and watch your business grow.
3. Frequent Buyer and VIP Programs
Another strategy to create customer loyalty is through offering an incentive for repeat business. Businesses from Starbucks to car wash companies have turned this into an art form with their customer loyalty programs, which offer everything from cash back to free items after a certain purchase amount. Whether it’s a free cup of coffee after the purchase of 6 at regular price or $10 off after spending a base amount, people love to feel that they are appreciated for their loyalty – not to mention the fact that they get something free. If two competing companies have similar offerings, customers are more likely to choose the one that adds a little extra value. Just make sure that your incentives are actually appealing to your customer base. A free cup of coffee after spending $300 is not going to inspire anyone and may actually feel insulting to your customers.
How do you decide what to do for your business incentive program? Start with yourself, your family, your friends and your staff. Ask what would be incentive enough for you to change your habits and try something new? Don’t give away the farm, but put some thought into that balance of motivating offers versus cost to the company. Be sure to think about the sales you will receive over time, not just the one-time initial sale that a new customer brings. These are only 3 ways to create customer loyalty, but there are many more that can work for your business. Do it right and you will not only see your sales numbers rise, but also find yourself reaping the rewards of enthusiastic unpaid marketing from your appreciative fans.
Want even more tips to maximize business leads, develop effective business planning and increase returns and revenue for your own business? Contact us today for your FREE 90-minute consultation to see how ActionCOACH can get your business booming!