Why it’s important to reward your long-term customers

Fact: It’s always more cost-effective to sell to existing customers than new customers.

Fact: It’s always more cost-effective to sell to existing customers than new customers. So why not keep those customers coming back for more?

You don’t have to sell your soul or almost put yourself of business, just make sure your customers are happy. Nothing says ‘I value your custom’ more than extra service or a discount. It shows there’s more to your relationship than just money and at the end of the day, people buy from people. If your customers have a good relationship with you, they’re much more likely to keep coming back.

Here are four ways that you can reward your best customers.

Give them something exclusive

It could be giving them access to a new product that hasn’t officially launched yet, or it could be offering a new service that’s not open to the public yet. Many tech companies, like Twitter or Google, give their loyal users the opportunity to be part of beta testing for new features. By making customers feel valued, and that they are part of something exclusive, you help to build trust and loyalty, in turn keeping them coming back for more.

Host an event for your customers

Inviting customers to a special event can be a great way to spread some positive goodwill, and get people talking about your business. You could host a charity event, a networking session, or even drinks and nibbles. Encourage your customers to bring family and friends too – open up your business to a whole new audience.

Offer rewards that aren’t monetary

Most businesses offer discounts on their loyalty programmes, including your competition. Find a unique angle that makes you stand out from the crowd, and show your customers that you truly understand their needs. You could offer them alternative payment methods, enhanced features, access to beta testing, or extra support options. If your customers are high spending, discounts might not be top of their priority list, but the chance to try your new feature before anyone else might really tick a box for them.

Offer a referral scheme for acquiring new business

You don’t just have to reward your customers simply for being customers – ask for something in return! You can offer discounts or free gifts to any customer that refers someone else to your business. Referral systems are a great way to keep existing customers happy, and generate new ones.

Remember that retained business is way more cost effective than finding new customers. Keeping your current customers happy also plays a big role in growing your customer base. So consider implementing a reward system for your loyal customers, and watch your ROI grow!