![]() ![]() Loyalty and referral programs take many shapes including apps, punch cards, gift cards for referrals, and discounts for return business. You must prove yourself to your customers again and again. After all, buying your significant other something on Valentine’s Day doesn’t give you a “Get out of Jail Free” card for the rest of the year and that person adores you. Providing great service will help you make an impression but, like any relationship, you need to continually invest in it. Many business owners believe their product or service is so stellar, they needn’t implement any kind of loyalty program. ![]() You just need to give them reason to think of you before going elsewhere. Your existing customers already know, like, and trust you. According to the book Marketing Metrics: The Definitive Guide to Measuring Marketing Performance, it’s 50% easier to sell to an existing customer than win over a new one, far less costly too (about 5-10x less). One of the most popular ways to do this is a formalized program. So how do you make customers return or how do you encourage them to refer others to you? Even if you sell something people only need once (caskets, perhaps?), there’s still the power of referral that you can capitalize on. In a recent survey of small businesses by Belly, 70% of the revenue of the small business respondents came from loyal customers, not new ones. ![]()
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December 2022
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