Six Tips to Help Small Businesses Drive Loyalty

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Reward your customers the right way

Loyalty programs should be customized to your business and your customer base. Sixty-nine percent of consumers say their choice of retailer is influenced by where they can earn customer loyalty or rewards program points. Even a simple loyalty program can be a big win for a small business when done right, resulting in more customers, higher sell-through and increased profitability. The key is to give your customers something suited for their own personal needs, such as targeted coupons. Providing your customers with offers that show you understand who they are and what they really want is the best way to build long-term loyalty.

Today's market can be tough for small and mid-tier businesses, because big-box stores often dominate consumer attention with low prices and large inventories. While 82 percent of small business owners admit loyal customers are the main way they grow their businesses, 61 percent of retailers say customer retention has become more difficult and building customer loyalty is challenging. To compete, smaller businesses are required to think smarter where big-box retailers think larger. That's why loyalty programs are more important for small and mid-tier businesses than ever before. Here are six tips, identified by Chris Wuhrer, senior vice president of strategic initiatives and product marketing at Cayan, to help small businesses drive loyalty.

 

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