Reducing client churn
It is a widely known truth that selling more to your existing clients is faster, easier and cheaper than selling more to new clients. When business is booming though, this principle is often sidelined because so much new business is coming in at the top, nobody cares about those clients who ordered once and then went elsewhere.
When economic conditions become difficult, it is often too late to reverse the client retention trend - so the moral must be to encourage loyalty through effective rewards throughout the economic cycle; but what are the options?
- Using service recovery gifts such as flowers or chocolates is a really pragmatic way to stop customers walking away.
- Reward clients in as many ways as you can - for giving feedback about your service; for referring other contacts; for regular order patterns.
- Reward options could be to send out regular awards of gift vouchers that can be instantly redeemed, or to introduce a 'rewards bank' that accumulates their loyalty points over several periods.
Love2reward have operated their multi option gift voucher & Virtual Incentive Points (VIP) platform for a number of years now and have the experience to tailor them to your needs and make it operational within tight lead-times and budgets, if required.
The solutions we recommend you consider for this initiative are as follows: