Why Loyalty is the Name of the Game in 2022
We are officially halfway through the year and one thing is clear: loyalty is king in an unpredictable economy and rising inflation. Gaining new customers is always a fantastic result when creating marketing and sales strategies but as prices skyrocket and businesses look to cut costs, this is a difficult goal to achieve.
The rate of new clients is bound to slow down if it hasn’t already, and so, it will be worth turning your strategy towards maintaining your current clientele during this downward curve.
Customer retention can fall by the wayside in favour of gaining new leads but as purse strings tighten, keeping your consistent and reliable customers satisfied should be at the top of your priority list.
Keeping an open line of communication with your current clients can allow you the opportunity to foster trust and value in your individual customer relationships. This does require more time and energy investing in one-on-one contact, but it could open powerful insights. For example, if a client’s cash flow because unpredictable, you can put financial plans in place to mitigate any potential fallback on your own business.
You can also gather vital customer feedback and market research through ongoing, sustained communication lines, which gives you the opportunity to offer bespoke discounts, offers, and marketing information about new services or products they have shown interest in. By personalising your customer communications as much as possible, your clientele is going to recognise your brand as a company that understands their wants and needs and delivers appropriate solutions.
Implementing a rewards program or using a system you already have in place to properly reward loyal customers allows you to showcase your appreciation for their repeat business in a way that benefits them. Practical rewards like discounts, access to exclusive services, materials, products, events, or loyalty points are an investment into your customer relationship, which is more important than ever. The Prosper2 Rewards Program is an open-loop system that allows you to gift clients and partners with rewards points that can be redeemed to a Prosper2 Mastercard and spent anywhere, on anything, at any time, creating a 100% personalised experience.
Customer experience will be what sets businesses apart for the foreseeable future as businesses and individuals consider their investments carefully. Going that one step further for your clients could be the deciding factor in securing their ongoing loyalty and trade.