Customer loyalty is an essential requisite for any kind of business to survive. We have all heard the old adage that it is far more costly to get new customers when compared to maintaining existing customer relationships. This seems to be at offs with what we do as businesses – sending out new prospects all sorts of marketing in the form of mailers, television adverts and new deals – but failing to keep old customers happy. Nowadays, every business owners question should be ‘how can we get loyal customers to come back?’
Luckily, something as simple as a gift card could be the answer.
You might think gift cards are just for retailers to offer and consumers to buy for family or friends. This is simply not true, and instead, businesses of all sizes need to consider the benefits of stepping in and giving a relevant gift card as a thank you. For example, when a loyal customer makes a purchase, and the business firm offers them a gift card, even in a small value – a ‘deal’ has been done. The customer is happy – and comes back time and time again. Consider as well the ability for small businesses to offer their own gift cards and their own branded plastic cards that can be reloaded time and time again, or gifted digitally.
The move to upselling, cross-selling and rewarding loyalty is far easier if you have something to give,. For the millions of businesses who don’t sell products but instead services, a stash of gift cards or a system that allows gift cards to be delivered to a happy customer can be the difference between retention and loss.
It is not an exaggeration to say that this can have a significant impact on not only SME profits but also the GDP of the country. If we all focused more on helping people ‘shop local’ and support small enterprises, we could see significant changes.
The reward system actually depends upon the business of the concerned brand. It is advisable to reward customers whenever it is possible and to do so reasonably – consumers can sniff out a dud deal and there is nothing as irritating as seeing new customers being swooned over by a business!
Don’t forget loyalty isn’t all about the front line of customer service. Happy employees help make happy customers, so if you can offer a pints or rewards system to employees for great behaviour, achievement or another business goal. You might see even better results.
As per a recent survey, a reasonable percent of customers actually admitted that they are more likely to choose the brands which offer them rewards – so why not take a look at your margins and experiment with rewards instead of the just chasing new customers?
If you'd like to reward and recognise, incentivise or thank, a Gift Card or eCode is the ideal way to do so. SVM Global is the leading provider of gift cards for business, offering businesses of all sizes the ability to purchase gift cards and digital eCodes in bulk. Choose from 100's of retailers, and order speaking to a friendly advisor. To find out more, browse our portfolio here! We make it easy for you to purchase just small amounts so you can really see how it works. Speak to us today and find out more!
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