Recent studies from Adjoined Consulting and SAS show that customers' loyalty to one brand or store has alarmingly decreased; longtime customers who define themselves as loyal patrons dropped to 77% in 2006 from 84% in 2005.This trend shows no visible sign of improvement in the near future.First and foremost, what is a loyal customer? Different vendors from different business industries have varied definitions but the clear general consensus is that someone who continually buys from you repeatedly, regardless of the price.A repeat customer would also buy from you simply because you offer a type of product or service that can't be found anywhere else.It is critical from anyone who does a type of selling to maintain a strong base of loyal customers, simply because it is less costly for your firm to encourage old customers to stick with you than find a new batch of customers through marketing.How do most effective businesses encourage and keep their loyal patrons? A great customer loyalty program strategy is the short and easy answer for most business entities.It is crucial, however, to do your homework and invest a thorough amount of research and survey in spotting the proper loyalty program that will work great with your business.The most important of all is in finding out what really entices your customer to come back and do business with you again and again.The best way to know the answer is by asking them.An effective questionnaire on point of sale stations and online feedback form will provide you golden answers.The main information needed prior to conceptualizing your successful customer loyalty program is the following..• Validation/Recognition. In what shape, way, or form does your customer feel that they are valued by you?• Prizes, Rewards, and Discounts. What is the best form of giving back that would enrich more goodwill on the part of the customers towards you? Will it be by coupons, sales, discounts, prizes, freebies?• Stellar Customer Support and Service. Does your regular customers feel that they are valued by your company policy of entertaining their queries, complaints, and needs? Is your staff well-trained to respond capably with their needs? Lack of customer complaints does not immediately mean you are a great seller.• Quick and Easy. Is your service the most convenient one? Do your customers feel it is easy to interact with all the facets of your firm?These answers should then be the guiding map for you to forge a successful loyalty program that would benefit your company in bigger profits and satisfied customers.The best type of rewards program falls generally in these types of categories..• Earning shopping and purchase points that equals to huge discounts and freebies.• Partnering with third parties and using their store points for customer advantage on partner products or services. free dinner, hotel accommodations, discounted flying tickets, etc.• Members only exclusive deals. outrageous price discounts, free concert tickets, members only events.• Rebates and discounts on certain items or with partner debit and credit cards.Once you've mastered the art of attracting more repeat customers, blending some sort of loyalty program on the above listed options will be easy for you.This will prove to be a rewarding experience between you and your clients.
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