Many stores are looking at growing their customer base to generate more revenue. More customers equals more revenue, right?
Yes, in some sense that is the truth. However, if you are not retaining your customers and the outflow of customers is equal to, if not larger than the incoming new customers, not only will you not grow your revenue, you might be even losing revenue!
So, what should you do to retain your customer base? Loyalty is the key, here are some ways you can work on your loyalty programmes in the festive season.
Reward all paying customers
You know how some stores require a customer to sign up for a membership or download an app just to redeem rewards? Or there are some that only accept credit cards to issue points.
It is important that stores pay attention to all customers and try to capture their value as much as possible.
During this festive season, instead of letting customers go through a lengthy sign up form and potentially lose their interest in signing up for any loyalty programmes, issue a Mobile POS to register them instantly and gain rewards for their purchases, this way the customers might be incentivised to purchase more gifts from your store just to redeem that reward!
Understand how customers want to be rewarded
Some stores offer cash rebates, some offer a little gift or just a priority to an exclusive item. Rewards for loyalty programmes can come in many shapes and forms. However, a little research needs to go into how customers would like to be rewarded for their continued purchases from your store.
Especially during the festive season, many customers may be looking for cash rebates for their gift purchases. As they are buying in large quantities for gift exchanges for family, colleagues and friends, they might be looking to save so that they can stretch their dollar to buy more gifts. Think about that!
Develop personalised loyalty programs
Nothing beats having a personalised loyalty program that shows the customers that they are being valued and taken care of.
Knowing your customers’ buying behaviour will inadvertently allow you to know what sort of rewards and programmes they are looking for. No one programme will be suitable to all customers. So dig out the data and start to tailor the loyalty system to individuals so that they will be more likely to think of your store when they want to make their next purchase.
Especially now when they are shopping for themselves or for others, it is a great time to see their buying behaviours and figure out the customer buying journey.
