It’s never been easier to know which customers are your most valuable. Businesses of all sizes can access useful sales data through robust, yet easy-to-use analytics packages rolled into point-of-sale systems. But what do you do with the information you discover? Reward your biggest spenders and most loyal customers with special VIP perks.
A lot of businesses understand how to launch a loyalty program. But identifying and rewarding your most valuable customers has never been more important.
The Pareto principle has been, more or less, accurately describing customer value generation (80% of value being generated by 20% of customers) for the last century. In the age of social media and viral news stories, however, businesses have really doubled down on identifying and rewarding their best customers while delivering next-level customer service.
Businesses like Nordstrom and LL Bean have made excellent customer service, like liberal return policies, part of their business model, rolling the cost of treating the customer like a king or queen into regular business expenses over the decades. And they’ve been rewarded handsomely for it from a loyal customer base during that time.
But for small businesses, the cost of providing high-end perks for your top-shelf customers on a well-drink budget can be a considerable challenge.
Fortunately, it doesn’t have to cost a lot to show your top customers you care about them and their business.
Here are some ways businesses might be able to show the top customers that their loyalty is appreciated.
Whether you’re able to give something away to say “thank you” to your best customers, or you choose to reward them by letting them into the exclusive club of your business, make sure that it’s meaningful.
Awarding your best customers with exclusive perks can help to establish a bond between customer and merchant, where over time they cease to be customers and become ‘friends of the business.’
The little give and take of the relationship between regular and customer creates a familiarity that will ensure that every birthday dinner, anniversary, graduation, and every promotion gets celebrated at your place of business. This is why it’s so important to make sure your best customers know how much you value them each and every time they walk through your door.
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