Attracting new customers is a challenge for many business owners, what more making them loyal to your brand.
In an interview on ANC's Shop Talk, Association of Filipino Franchisers Director and Sweet Corner President Bong Magpayo said, rolling out rewards will keep customers coming through your door. This allows entrepreneurs to go the "extra mile" for their customers.
Magpayo added, reward programs also allow "repeat sales" (continuous demand for products) and prevent customers from switching brands.
Among the effective systems being used by entrepreneurs to sustain "repeat customers" are buy-one, take-one; stamp cards; and, combo promos.
Meantime, Maria Luz Javier, president of Avanza , Inc., a relationship and rewards marketing company, said, it is important that when creating a rewards program, one must look into the last 1 to 3 years of consumer data from the volume of consumer traffic, average spending and customer profile. Make sure to also study its return-on-investment (ROI).
Giving out rewards doesn't have to cost much. Simple tokens of appreciation will do.
Here are some tips before rolling out rewards:
1. Know your customers
2. Tailor fit your program according to your customers' needs
3. Analyze your competitors
4. Train your frontliners
5. Use social media to turn repeat customers into online advocates and vice-versa
For more business tips, catch ANC’s “Shop Talk” every Thursday at 7 p.m., with replays at 10:30 p.m. and every Friday (3:30 a.m.), Saturday (9 p.m.) and Sunday (4 a.m.). ANC's Shop Talk can also be watched on iwantv.com.ph and on tfc.tv (for viewers outside the Philippines).