Customer Loyalty - Guest Blogger!
1/31/12
The Fed predicting the economy will grow between 2.2% and 2.7% this year, slightly slower than it had previously thought. What can you do to ensure that your business growth is greater than 2.7%?
If you have not done it yet, it is time to thank your most loyal customers – those 20% of your customers that consistently generate 80% of your revenue, for getting you through these tough times.
And I don’t mean an e-mail thank you, but a genuine gift of thanks:
One day exclusive 30% off offer: an invitation just to your loyal customers - sent via snail mail!
A private reception: casual wine and cheese reception for your best customers
A shopping spree; free product spree giveaway
The ROI will be beyond your financial expectations, a continued valued relationship, positive public relations and that boost your business needs to get through the last of these tough economic times. We all know that it is much less expensive to keep a customer than to acquire a new one, but it is even less expensive to nurture the relationship with a loyal customer potentially increasing revenue from this customer by 100%. Hmmm, 100% revenue increase from 20% of your customers just for taking the time to create a genuine opportunity to say thank you. Worth the risk? Or are you going to stay satisfied with a maximum 2.7% growth like the rest of our country?
Cara Hughes is a past speaker at the AMA Special Interest Group events. She launched Eighty-Twenty Marketing in 2007, playing a key role in the growth and success of such companies as PETCO, Avnet (Embedded Solutions Division) and FM Solutions.
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