Every business owner knows that it's easier to reward repeat customers than it is to attract new buyers. In other words, it pays to keep your customers loyal to you - but how can you do that in a market that's probably flooded with products?
Surprisingly, the main factor that drives customers to chose your product isn't usually price. Consider shopping in the grocery store. Although there may be cheaper generic alternatives, you probably still head for the cereal you remember from your childhood or the one you see the most on television. There are a number of reasons for this, effective advertising and brand loyalty being the most important. But even if your business doesn't have a million-dollar advertising budget, you can still inspire customers to pick your proverbial cereal over the competition's.
Customers like to feel appreciated, and nothing does that better than offering repeat buyers some small reward. Many coffee and ice cream shops employ this principle with discount cards, where frequent purchasers can get a free treat after buying a certain number of products. Other businesses sometimes offer special deals or coupons to frequent patrons, while rebate cash scenarios - where for each certain amount of money spent, the customer gets gift cash that can be used at the business that provided it - are also a popular option.
No matter what you choose, reminding your customers that you value them with small gifts or cash incentives is one of the best ways to inspire customer loyalty.
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