Finding a product worthy of selling and marketing is a challenge. Collecting and tracking inventory is a challenge. Opening a storefront, in-store or online, is a challenge. Achieving a customer base, especially in a competitive market, is a challenge.
All of these challenges are one of the many reasons entrepreneurship is such a rewarding experience.
Launching a business, especially in a competitive market, is such an amazing accomplishment in itself. So once your company generates sales, how can you keep those customers loyal to your brand?
There are many ways you can incentivize your consumers to purchase from your company. But there are two that are critically important for your business: loyalty reward programs and managed growth marketing.
Loyalty Reward Programs
Everyone loves to receive coupons, discounts, and exclusive product offers from their favorite brand.
As a business owner, distributing those incentives to return to the brand offers a lucrative opportunity to grow, maintain, and streamline your revenues.
For example, a tier-based loyalty program based on spending can reward “big spenders” with the brand with significantly larger discounts than customers generating lower revenue. Those “lower spending” consumers could receive offers tied to big-ticket items in an attempt to move them into the “big spenders” category.
So, why would you significantly lower my costs to “big spenders?”
Because they are already loyal to your brand, impressed by your products, and highly likely to keep up their larger spending habits when offered exclusive discounts.
By appealing to your larger spenders, even at a lower price, you will be increasing your revenues long-term. Even if a “big spender” is offered a buy-one-get-one 50%-off deal, they are more likely to purchase double.
Whether the purchase is made with that discount, or later down the line, by offering such an amazing deal to a higher purchasing customer, they will purchase double, because they are so in love with your company.
In addition, a “big spender” is simply used to purchasing more at your store. So regardless of the discount at 50%, they would most likely continue to purchase higher ticket items due to the lucrative rewards.
In reality, if a store offers BOGO 50%-off, it is equivalent to 25% off the entire purchase order. But the customer feels like they are getting a much bigger deal.
In short? Good rewards, even if they generate a short-term or one-time loss, often pan out in favor of the vendor.
We recommend keeping the discounts for your “average” and “lower spending” customers in a range that works best for your brand and budget.
Managed Growth Marketing
The operative word in Managed Growth Marketing is Growth. Now that we have covered the basis of purchasing incentives, we are going to dive into growing a brand’s image.
Brand Image is a multi-component idea that ties reputation, customer experience, logos, and much more into one unified concept.
The way you interact and communicate with customers largely affects this metric.
Managed Growth Marketing is the act of properly and professionally communicating the value of your brand to your consumers. Though multiple channels such as MMS texting, Email, Flyers, Ads, and more, Managed Growth Marketing is an amazing way to find and keep customers.
MGM programs utilize data-smart technology to target and engage your customers.
Hand-tailored Marketing Campaigns + Customer Data = Your Sales Skyrocketing
MGM uses the purchasing data from your customers to specifically appeal to their psychology, which results in top-tier rewards and incentives.
Summarized, MGM gives you happy customers and generates customer obsession.
If you are interested in additional ways to get your customer base growing, book a free consultation with one of our experts Here.
With Franpos, keeping and Growing your Customer Base is Our Priority.
You may also find another article about Why Marketing Matters Here.