As a business, you would want to ensure the loyalty of your customers. Your buyers play a crucial role in the success of your business. Did you know that it would be more cost-efficient for you to retain current customers than acquire a new one? This was confirmed by a study conducted by Bain & Company which revealed that a 5% increase in customer retention can yield more than 25% increase in profit. This is because existing customers spend 67% more than new customers. For this reason, you need to give your current customers a reason to keep doing business with you. One of the ways you can ensure loyalty is through a customer incentive program.
However, these loyalty programs are not always effective at influencing behavior and ensuring retention if they are not effective. Promotional products like imprinted wearables can be an effective customer incentive. Here are some reasons why imprinted wearables with logo can help your business retain customers.
While designed for existing customers, loyalty programs can be used to attract new customers. The marketplace offers a plethora of deals and coupons and customers are constantly seeking them out. Loyalty programs give customers the incentive to buy goods such as t-shirts with logo at very good deals.
New customers would definitely want to avail of this incentive of buying imprinted t-shirts as well.
With loyalty programs, customers would be more enticed to buy imprinted aprons in bulk than they usually would. When they buy aprons with logo in greater volume, they get rewards for doing so. The incentive gives customers better value for larger buys.
As explained earlier, loyalty programs give the customer an opportunity to buy huge volumes of merchandise in the future. When customers buy caps with logo, they accrue more point or rewards. When the customer decides to use the reward, they will visit your website to avail of the reward. This may entice the customer to buy an item they would not normally buy without the rewards. When they return to your store, it is likely that they will buy more imprinted caps.
LOWER MARKETING COSTS
A well-run customer incentive program offers more efficient marketing costs in some cases. Customer retention is much less expensive than spending advertising dollars acquiring new ones. When you give them the opportunity to earn rewards when buying imprinted headbands, they are likely to stick around and remain loyal. If they like the reward they are getting when buying headbands with logo, chances are they would recommend you to others.
Now that you know the advantages of having a customer incentive program, let us now get to the steps in implementing a loyalty program.
DECIDE WHAT YOU WANT TO ACHIEVE
First, you need to be clear with your goals for running a customer incentive program. If you own an apparel store, your customer might expect free jackets with logo as an incentive. The aim of loyalty programs is to generate incremental sales and boost overall buyer experience. So make sure that you offer quality imprinted jackets for the program to be effective.
BREAK THROUGH THE CLUTTER
For your customer incentive program to be effective, it should offer customers with a measurable reward that creates a real incentive to them and should be unique from your competitors. For example, you can offer free style consultation when a customer spends a certain amount on imprinted slippers. The secret to an effective incentive program is to make your customers feel exclusive, whether they are buying slippers with logo or other items.
REWARD CONTINUED LOYALTY
To show gratitude to your repeat customers, pamper them with rewards such as free polo shirts with logo. However, you need to change the deal from time to time or you could lose the loyal customer to your competitor. Alternatively, you can surprise them with discounts aside from free imprinted polo shirts.
PROMOTE YOUR INCENTIVE PROGRAM
Promoting your incentive program is key to its success. Have your staff ask customers if they would like to sign up for the program and put a sign in your window or in the front counter. When you provide customers with imprinted briefcases, do inform them. Don’t assume that your customers are aware. They might be enrolled in other loyalty programs offering briefcases with logo as well.
THE IMPACT OF TECHNOLOGY
These days, it is now possible to manage programs through social media and smartphone apps. Now, you can monitor buyer behavior and connect with customers via SMs or email. The data you collect can when buying imprinted personal grooming can be used for cross promotions or selling additional products or service. From a customer’s purchase of personal grooming with logo, you can crate highly targeted and relevant marketing campaigns.
Loyalty programs give customers the reason to buy compact mirrors with logo from your business. By buying imprinted compact mirrors from you, they get the best value for their money.