Three Reasons Why Your Customer Loyalty Programs And The Holidays Go Hand In Hand!
It’s definitely no secret that most retailers absolutely live for the last quarter holiday shopping season correct? That said, you know that you definitely need to have some type of proven customer loyalty programs in place,right?
Because they can and will help build and preserve (both) your short and long term profits.
However, entrepreneur (whether) you acknowledge it or not! There is a potential 800 LB gorilla in the room that definitely has to be dealt with. Or else you’ll systematically watch your profits margins continually shrink! And your sleepless nights increase.
Four Critical Reasons Why Your Customer Loyalty Programs And The Holiday Season Go Hand In Hand!
Entrepreneur, did you know (according to) the National Retail Federation (NRF), that a staggering 217 billion (with a B!) dollars worth of merchandise will be returned! During the coming holiday shopping season! That’s correct! Basically one in five or a whopping twenty percent of all purchases, will be returned! Ouch!
That’s the short term bad news! The good news-long term- is, believe it or not, this is your silver lining in the cloud! Say what? Follow this. Holiday shopping returns are not going away any time soon. That being the case, why not convert this annual (not so pleasant) occurrence into a potential long term profit center? Here’s how.
1.) Going forward, when your extremely valuable customer returns your merchandise. Make sure you (or one of your) trained associates gives them one of your best market tested “bounce back” offers! Why you ask?
Because, entrepreneur if your customer doesn’t come back, you’ll need on average, to spend at least 500% more to replace them! And remember, your money and other resources are extremely tight! So make sure you give (bribe) them with an outrageous one time only -time sensitive- “bounce back offer, that offers them 30-60% off, their next purchase! In other words, a real -no strings attached- one time only purchase discount coupon offer!
No minimum purchase required! That way you know they’ll come back at least one more time!
2.) Next, at some point you’ll want to approach them about giving you (either) a written, audio or video testimonial. Since video testimonials are the most valuable! You’ll definitely want to bribe (reward them) the most for a video testimonial, audio is next and the written testimonial the lowest form. (There all extremely valuable by the way!)
And you’ll gladly take whatever their willing to provide! Because, your one time bribe, will allow you to use and profit from those perpetual long term money making testimonials from now on!
3.) You’re better believe that any customer that provides you with any type of testimonial (but especially) a video or audio one, is definitely good for a few (may be more) credibility building referrals!
Think about it! Are you actually going to bother to provide a company with a bank account filling testimonial, and not (at some point) refer them some new business here and there? Probably not!
4.) And finally.. it’s highly unlikely any customer will do the last two things mentioned and not become a repeat customer! Which, as you already realize is where the real long term profits are! Correct?
Entrepreneur, refunds/returns (especially) during the holiday shopping season, are a given! But strategically profiting off of them, by implementing some type of proven customer loyalty programs is not!
The choice is yours! Any questions?
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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