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Be
sure you're rewarding the right customers and not penalizing the loyal
ones.
Often
companies get so wrapped up in trying to allure new customers or persuade
those teetering on the edge of loyalty, that long-term customers are
overlooked and their loyalty taken for granted. The same can be said for
rewarding employees who are granted higher salaries once they find jobs at
other companies. While thinking in the short-term is natural, it's
important to consider the long term future of your business.
Coffee
houses, nail shops and bakeries have great incentives for loyalty.
Customers are given a punch card. After a certain amount of coffees or
pedicures are purchased, customers are rewarded with a free coffee or
service. Credit card companies have also caught on to the importance of
retaining customers. For so long they have been trying to lure customers
away from the competition with lower APR rates. Now many companies are
making a habit of offering low APR rates to existing customers as a way of
keeping them. They also have invested large amounts of money to simplify
the payment and purchase-tracking systems, so customers can quickly go
online and handle their business.
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