When business people think of “Word-of mouth-marketing” in general, they tend to focus on activities targeted at attracting new customers. While expanding your business’ customer base is a crucial undertaking that you must work towards with clearly defined goals, the importance of retaining existing customers mustn’t be overlooked. Working toward promoting customer loyalty (or brand loyalty) is critical to your goal for many reasons. A few of the most important reasons why customer loyalty is important to your business are outlined below.
Loyal customers, almost by definition, will purchase your services again and again over time. Depending on what the sales cycle is like, you may end up selling more to one loyal customer in a year than you might to even 10 first time customers.
As you build relationships with your loyal customers, it will become increasingly easy to sell to them in higher volumes. This may happen naturally, or you may choose to incentivize the process for your customers. In any case, higher volumes mean greater sales, which translates to higher overall profits.
Customers who exhibit brand loyalty have a relationship with your limo business. They trust you to provide quality services and customer service. This creates a great opportunity to fulfill more of your customers’ needs than the traditional ones you currently meet. What does this mean? You can make sales to loyal customers across service lines and thus increase your overall sales volume without needing to focus so much on attracting new customers.
Protects You from the Competition
The more loyal your customers tend to be, the safer you will be from the draw of the competition. Establishing strong brand loyalty can make you practically immune to competitive forces. This is especially important in places where new players enter the marketplace often.
Loyal customers can also bring you new customers. Customers who have great relationships with businesses tend to talk about it. Happy and satisfied customers who keep coming back to you are very likely to refer others who may need your services.
According to the 80/20 rule (the Pareto Principle), 80% of business comes from 20% of customers. In other words, a small group of your customers is generating the bulk of your revenue. That's why acknowledging, respecting and rewarding these 20% is imperative. After all, loyal customers are the biggest assets of any business.
The DriveProfit Advantage
Reward Your Customers & Keep Them Coming Back
In today’s volatile and rapidly changing marketplace it is vital that every quality provider actively differentiates their brand and solidifies the relationships they have with their most valuable customers. Loyal Riders gives you the unparalleled opportunity to not only create loyalty, but increase profits using existing airline/travel/retail points/miles programs with no IT or integration costs.
The LoyalRiders Reward Program is your way of thanking your best customers for doing business with you and building loyalty with new customers, without absorbing the administration burden usually associated with off the shelf programs. With DriveProfit’s LoyalRiders program there are no punch cards or coupons. There is no hardware to buy, IT specialists to employ, no program management to keep up with and, no complicated reward fulfillment; just happy customers that keep coming back to you whenever they need chauffeured services.
We will help you increase awareness of your brand and deliver new customers by reinforcing the loyalty program value with monthly email updates to participants and a customized web page on your website promoting the program.
Ready to join the program? It’s easy to apply for an account and start rewarding your customers today!
Just tell us a little about your company and we’ll show you how to use miles/points to promote your business and build loyal fans!
Posted on Apr 05 2016
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