Loyalty Schemes = Long Term Profits
While the common purpose of business is to make a monetary profit, there are many other ways to add value to your company’s ventures that benefit you and your customers – namely schemes that instil loyalty. It may be tempting to remain fixated on the numbers on the bank balance and ensuring line charts are incrementally increasing, however, this strategy could have you winning in the short-term but potentially impact the long-term viability of your business. Arguably, although owners and shareholders should predominantly reap the rewards of the efforts of the business, it certainly doesn’t do any harm to produce bonuses for your loyal customers. Focussing on your customer relationship management strategy will see shoppers’ satisfaction levels rise and their spending levels with it.A goal-orientated and well-planned loyalty scheme can transform your customers into brand advocates who not only give you their return custom, but also recommend other people to use your business. This kind of endorsement is far more powerful than any campaign you would run yourself to win new customers and could reduce your marketing and acquisition costs considerably.Through creating a business philosophy whereby customers are regarded as a priority, you can make your customers feel like VIPs whenever they shop with you.