Business owners should create rewards programs that are attractive to new and old customers
Many businesses offer customers a special incentive for signing up or switching over from competitors. Once the introductory period is over, though, prices go back up to normal. When there is a large price discrepancy between offers for new customers and existing ones, regulars may become disenfranchised.
The key to successfully maintaining both new and existing customers, says a recent article from the Globe and Mail, is by recognizing them when they have done something of value for a Canadian small business owner's enterprise.
"Rewarding your best customers in a way that recognizes their valued status is a key strategy that can keep people coming back to your business again and again," says the site.
The Globe and Mail recommends that business owners identify their objective with their rewards program, making sure that it's something that will be attractive to both new and old customers.
Rewards programs often work hand-in-hand with brand marketing to establish a business among its customers. A separate article from the Globe and Mail suggests that business owners maintain a consistent personality to develop consumer trust.
