CREATING CUSTOMER PROGRAMS AND INITIATIVES FOR BUSINESS SUCCESS (PART I)

  No doubt, every good business depends on customers to succeed. But the moment a business starts losing customers, the business starts to die. So, as part of your efforts to retain a loyal customer base and continue to attract new ones, you will need to introduce initiatives and creative programs.

 Research reveals that the cost of acquiring a new customer is almost five times that of retaining an old customer. This is because not only does the old customer continues to purchase products and services, but the value of satisfied and loyal customers equally starts to increase exponentially as a result of new referrals to the business. In fact, having a loyal customer base translates into lower costs, higher margins and even greater profits. So, you can say that satisfied and loyal customers are the principal drivers of business profits.

The whole idea behind creative customer programs is to initiate or engender customer loyalty which can be seen as the repeat purchase of product or service, which in turn has the potential of increasing your business’ turn over.

 But you need to initiate and introduce customer initiatives and other creative programs to foster this customer loyalty. However, the initiatives and programs you choose will depend on your business objectives- some of which could include:

1. To expand your current customer base
2. To maximize customer value
3. To deepen your brand and increase its awareness in the marketplace
4. To increase profit and repeat sales

Whichever one you may choose to set as your own objective per time, you should know that there are myriads of ideas you can implement in order to achieve any of the objectives. We shall examine some of these ideas in the next post.

Welcome to greatness!

? Genesis Onomiwo (TheRealGen)

Brand Architect helping individuals and businesses increase their brand value, performance and profit

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