Encourage Customer Loyalty Cheaply and Easily

Stacy Karacostas from SuccessStream here with another quick audio marketing
tip. In case you don’t like listening to audio, below are the transcripts
from today’s podcast:”Encourage Customer Loyalty Cheaply and Easily with this Small Business
Marketing Idea”.

Are you looking for a simple, inexpensive way to get people to buy more
now.And come back to buy again later (Duh, who isn’t)? Instead of putting
your products or services on sale, or giving out coupons, consider offering
credit towards future purchases for every so many dollars spent between now
and a future deadline. For example, I might say “For every $50 you spend
with me before December 31st, you’ll get 10% back in Stacy Bucks you can
spend anytime in the next year.”

Then simply let customers or clients know how much credit they’ve earned
when they make a purchase. And be sure to send out one or more statements,
ideally along with a catalog or promotion, to encourage them to come back
later and use their credit.

The outdoor store REI, which is technically a co-op, does a version of this
where members are credited a percentage of all purchases at the end of the
year. This comes in the form of an annual mailed “dividend” that is good
towards any purchases for a limited amount of time.

I’m sure other variations on this theme exist. As long as the format you
choose is low-cost to you, rewards customer loyalty, gives you a great
reason to stay in touch that they’ll appreciate, and encourages them to buy
again from you, you’ve got a winner.

Do you have thoughts on this idea?

Have you done something similar, but different, and had great results?

Please share by leaving a comment below.