Customers are the heartbeat of any industry. But, when that heartbeat begins to subside, you can be certain that your business will eventually flat-line and your customer base will start to die out. Luckily, there is a defibrillator for this harsh reality and it is known as customer appreciation. Acknowledged as a universal truth among all business owners, customer appreciation is an essential component to a business’s profile. With companies like Belly that specialize in digital loyalty programs, you can now tailor your customer appreciation plan with incentives that collect data about your customers, set up automated offers, customize email programs, and so much more. Yet, so many owners don’t utilize companies with this expertise, putting their customer appreciation initiatives on the backburner. Given the significance that customer retention has on a business, it is surprising that investing into it is something that hasn’t come to the forefront of more business plans. So, why is customer appreciation so important for your business?
Customer Appreciation is a Measurement of the Outward Effort a Business Makes for its Customers
Basically, this boils down to your reputation, which is an extremely important facet of your brand. Your reputation will always precede you (especially in the world of business) so how you treat your clients will affect both potential and current customers. Customer appreciation shows that you are making a solid effort to engage with your customers, which will make a massive impact on your business. When customers choose you, it says to your competition that you care more about customers than they do.
Customer Appreciation is a Determining Factor for Whether Customers Come Back
Your customers pay attention to how well they’re taken care of. Like any partnership, customers are much more likely to form a meaningful and long lasting relationship with a business that shows them they care about their well-being beyond monetary transactions. Be aware of how you treat your customers after the sale is made.
The Proof is in the Numbers
Studies continue to prove that customers are more devoted to a business that invests in its customer appreciation. As we often say, a loyal customer is five times more likely to return to your business than a customer that isn’t loyal. Even more, loyal consumers will spend 90% more often with your business and 60% more at every purchase. What should you take away from these numbers? A great example of this is indicative in Belly’s loyalty program. We’ve found that Belly Businesses actually escalate the number of customer visits to 54%, meaning there is also more money being made thanks to fostering customer loyalty. Keep in mind these statistics refer to loyal customers, not new customers. The best way to turn new customers into loyal customers is by investing in customer appreciation initiative of your business.
Customer Appreciation Results in Happy Customers
Makes sense right? When a happy customer discusses your product or service, whether it’s via word of mouth, online forums, reviews, or emails to you, it is going to benefit your business immensely. These types of happy reviews and chatter are free marketing opportunities for your company. When customers share positive feedback with potential new customers, your investment is truly paying off.
It doesn’t matter how awesome your business is – if you aren’t investing in your customers, you won’t see the return you’re after. While there are multiple facets that dictate the success of a business, the customer dynamic should always rank when it comes to the forefront of a business’s agenda. Customer appreciation is one of the biggest investments you can make to ensure your business retains its current success, forms customers that are loyal to the brand, and continues to grow and progress. Don’t settle into the confines of the past with your loyalty programs, but invest into a proven strategy (like Belly!) that will show customers how much your company cares!