Red Letter Days white paper: smart customer retention and loyalty strategies

It’s a simple formula: increase customer loyalty and increase profits. Easy adage, but how can a company effectively put this idea into practice? Increasing loyalty is really all about the ‘value‐add’. Are you giving customers something they didn’t expect, or perhaps didn’t realise they wanted? There are many critical aspects of getting customer loyalty right, but part of the solution is finding the best way to take care of your customers. This could be best‐in‐class service or providing incentives as a way of saying ‘thank you’. Developing a successful customer loyalty scheme could help your company increase retention, and in turn help to increase your bottom line.

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We all know the extreme costs of bringing in new business compared with retaining existing clients. The latest research says that ‘it’s seven times more expensive to gain new customers as it is to retain existing customers’. The lesson here: look after and pay attention to your customers. It’s the cheapest, most straightforward option.

Even with these facts in place, it seems that many firms are missing the opportunity to build and cultivate successful customer loyalty programmes. In a crowded and noisy marketplace, we continue to see companies using discounts as the way forward. But how successful can a discount-driven marketing campaign really be? How sustainable is your discount-driven price structure? Implementing creative, smart and cost-effective solutions is the key to longevity in the marketplace. Using discount pricing as a blunt tool can work as one‐off, but relying on discounts is not enough…

Click here to download the full white paper.

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