7 Customer Loyalty Programs That Actually Add Value. Did you know it costs a business about 5-10X more to acquire a new customer than it does to sell to an existing one?
Not only that, but on average, current customers spend 67% more than new customers. In light of statistics like these, businesses must think about what they are doing to keep their customers coming back to their business. And if you’re like 65% of marketers, your company has implemented a loyalty program. To learn how to use customer loyalty programs for your business, download our free guide here. But is your loyalty program working? According to the 2015 Colloquy Customer Loyalty Census, American households hold memberships in an average of 29 loyalty programs, but are active (meaning earn or redeem at least one per year) in only 12 of them. So how do you keep your business out of that one-third segment? It’s time for marketers to look beyond convoluted rewards systems and offer actual value to customers using their loyalty program. 1) Use a simple point system. What B2B Marketers Need to Know About Customer Retention. Although you wouldn't know it after a particularly poor customer service interaction (we've all been there), most organizations really are invested in keeping customers happy.
It costs about 5 times more to acquire a new customer than it does to generate new business from an existing customer. Additionally, happy customers are the ones who will refer you new business -- a less costly method of lead generation, not to mention an easier close for your sales organization. In fact, in a Loyalty360 survey, three quarters of respondents reported that 20% of their new sales come from current customers. But when you think about customer loyalty, it seems hard to apply many of the tried and true programs to B2B organizations. Punch cards, points, rewards programs -- customer loyalty seems like a game only B2C marketers can play in. Challenges to B2B Customer Loyalty Customer loyalty is no simple feat -- consider these common challenges that B2B marketers often face when trying to reduce churn.
10 Ways to Deal With Upset Customers Using Social Media. How are you responding to upset customers?
No matter what you sell or what industry you’re in, you’re going to experience negative word of mouth. You know, those customers who are expressing their complaints on social media. It just happens. Things break, problems come up and employees have bad days. But it’s how you handle it that separates you from everyone else. Remember: Negative word of mouth is an opportunity. A great response strategy can convert angry and upset customers into loyal, raving fans. So get out there and embrace the negativity. . #1: You Can’t Respond to Conversations You Don’t See Great response starts with great listening. Set up Google Alerts for your brand and industry keywords.Keep a close eye on your Facebook page.Listen on Twitter.Depending on the type of business you have, read reviews on sites such as Yelp, TripAdvisor and Zagat.Make a list of any forums or communities where your customers congregate and regularly check in on them.
Avoid these situations: “Hey guys!