Wednesday, December 31, 2008
CUSTOMER LOYALTY Why should you care about 'Customer Loyalty'? Because your repeat customers are the ones who will sustain you during difficult economic times. The following excerpt is taken from an on-line article in 'ConnectIT News' which is one of dozens of newsletters that I receive weekly to stay abreast of current market trends. I have spoken about the importance of Loyalty in this space before, however maybe someone else will have more of an impact. Loyalty programs key to surviving economic downturn "Any business should strive to be the only brand their members consider," said Denali Marketing's loyalty marketing expert Margaret Murphy. "If you are a merchant without a loyalty program or are not leveraging the one you have, you risk losing customers. Membership in a meaningful and relevant loyalty program is your economic glue." "More than ever, customers are shopping versus buying," Lacek said. "Loyalty programs are a great opportunity for companies to get closer to their customers and show appreciation for their business." The advantages of implementing loyalty programs, according to Lacek, include increased brand loyalty and profitability. "A strong loyalty program often generates 50 percent of a company's revenues," he said. Loyalty programs also represent added value for customers by offering benefits and amenities that might not be found with a competitor."In tough economic times, loyalty program members are an insurance policy on your business," said Lacek. "It is easier and more efficient to keep a customer than to try to find new ones. This is the best investment a company can make." READ THE ARTICLE HERE This applies not only to retailers, but also restaurants and any service oriented business. Every one of the software programs that we represent has either a Loyalty Program built into it, or the ability to add one easily and inexpensively. It is definitly worth the time and effort to insure that you are using the tools available to build your repeat business - now more than ever. If you are not sure how to institute a Loyalty program, call us and we will help.