Rewards Loyalty Program to Retain your Customers
In this present society in Singapore, there are many similar businesses that are created where there are competitions when it comes to retaining customers. There are many techniques on how to do that like the innovation of rewards loyalty. This kind of reward encourages every individual to buy a product and experience the service offered to them. Have you heard of the 80/20 rule? 80% of the revenue of your business actually come from the top 20% of your customers.
This is very beneficial on the part of the business firm that is why they applied this strategy to their industry. Getting or even retaining loyal individuals is not that easy that is why an entrepreneur must take a lot of things before he will achieve that. In getting a customer will quite challenge a person and he will be more challenged in retaining old buyers, so there is a need to be equipped with many approaches that will help in attaining those things.
The rewards loyalty program is also needed to be experienced by your customers so that they will feel that they are loved or giving proper attention from an entrepreneur like you. You need something unique or new on the part of your customers. This can make them to buy your product or experience your service more. A reward will serve as something that can improve the customer’s interest.
The rewards app is also applied to other contexts. If you are familiar with positive reinforcement, you can apply this to your business. To make it more understandable here is the example, a child will be more interested to study if he is given something as a reward. This reward will reinforce the child to exert more effort in his studies. In the context of business, when you start to give your customers a reward like letting them engaged in a reward program, they will make a way to use your product in a daily manner.
Aside from that there is the so called rewards loyalty card. This is a card that is made from either plastic or paper wherein you may think that is similar with the credit, debit, and digital cards but it is not. If a person has a rewards loyalty card. He is obviously a member of a loyalty program. This system is called a loyalty card which is evident also in Singapore. In Canada it is a reward card and in United States it is either a club card, reward card, or a discount card.
The cards have a barcode or magstripe that can be easily scanned. When the holder presents his card, he will be given the chance to experience discount on the products that he will buy. Another privilege also, he will be entitled of earning points wherein he can use that for future purchase of products. This is a very good reward for both parties.
Next to that is the customer relationship management system (CRM), this is a technique that manages a company’s interactions with the customers. This is in the form of technology that allows the businessmen to organize the sales, marketing, customer service and more. Thus, all of those things can be a big help to retain customers. It is up to you what you are going to apply to your business firm depending on your preference and need.
Check out on: CRM Singapore – Why Small Businesses need this
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