Increase Profits by Rewarding Your CustomerBy Frost Chen · 20th November, 2014
You probably have competitors that sell the same products or services. With all the choices your consumers have, retaining customers is not an easy process. Fortunately, as Harvard Business School report states, increasing customer retention rates by 5% increases profits by 25% to 95%. Customer retention is not only important for profits, but it also cost a fraction of the effort needed to acquire a new customer. So, basically the key to increase profits in your business is to keep your customers loyal. We can keep them loyal by keeping our customers feel appreciated by our business. That’s easy to say, but how do we make them feel appreciated? Reward them! Loyalty program can play a big role in earning customer’s trust. One of the best ways to earn and keep your customer’s trust is to consistently remind them that we are not here only for the first purchase. Constant email updates, promotions, and sharing of information will win customer loyalty and trust. Last but not the least, reminding your customers to engage when they haven’t interacted for a while is a way to let them know that we need them. Through this encouragement, it helps businesses build a loyal user base for those in habit of using your product. Some loyalty programs even provide additional benefits for regular customers, a way to display extra appreciation that sticks around. http://molpay.com/v2/blog/boost-your-sales/156-increase-profits-by-rewarding-your-customer
Try EasyStore free for 14 days
With all features unlocked. No credit card required.