We spend a lot of time on this blog discussing ways to manage your business risks – in other words, how to handle the worst-case scenarios your business might face. But it’s also important to think about how your business handles rewards – that is, how you can thank your customers for their decision to work with you.
When it’s done right, rewarding your customers will help ensure revenue streams and encourage repeat business – in itself, a pretty good risk-management strategy. So we decided to take advantage of Valentine’s Day to review some effective ways to show your customers some love and keep your business pipeline full.
Proven Ways to Reward and Retain Your Customers
Research shows that businesses can expect to spend about six times more attracting a new customer than they would selling to a repeat customer. Plus, repeat customers tend to spend more per transaction than new ones. That means you can save serious dollars by effectively marketing to existing clients. Devote some of that savings to a few of these rewards efforts, and you may see massive returns on your investment.
- Write a thank-you card. The USPS may be ending Saturday delivery, but the thrill of receiving a hand-written note remains. Brighten up a customer’s day by sending what might be the only piece of personal mail he or she receives that day.
- Send some gear. Sending free gear with your company logo on it acts as a reward double whammy: in addition to giving your customers the feel-good sensation that comes from receiving an unexpected gift, you’ll be getting your company name and logo out in front of more eyes.
- Hold a giveaway. Giving away something that complements the goods or services you offer shows your clients that you want them to have an excellent experience, allows you to support other businesses, and provides you with a great marketing opportunity for new items or services you want to promote.
- Refer some business. If your clients or customers are also business owners, show them how much you value the work they do by sending new customers their way. You’ll set the stage for them to return the favor down the road.
- Celebrate holidays. Holidays big and small are great occasions to host events and spoil your customers. To make your celebrations specific to your business, seek out obscure holidays that relate to the work you do (for example, did you know that February 14 is also Statehood Day in both Arizona and Oregon?).
- Send valuable information. Giveaways and thank-you presents don’t always have to be big-ticket items from an electronics store. Show your customers you care by sending a newsletter, whitepaper, or eBook with information that they would find entertaining or valuable.
How insureon Is Showing the Love
At insureon, we love showing our customers we care. Check out our current giveaway, which you can enter until Monday to win $500 for your business, an iPad, or branded company gear!
How are you planning to show the love to your clients this Valentine’s Day? Share in the comments!