Five Keys to Building a Strong Loyalty Program

In the world of small and medium businesses, a one-time customer is a lost opportunity. New customers are expensive to acquire and don’t spend as much per visit. Returning customers not only provide consistent revenue, they can also pay off in a big way by becoming advocates for a brand or business. Word-of-mouth advertising is a powerful marketing asset and doesn’t cost you a dime. So, how do you keep your customers coming back for more, while also convincing them to spread the word?  A loyalty or rewards program can sway purchasing decisions, drive customer engagement and give a business the momentum it needs. Below you’ll find a few hallmarks of strong loyalty programs that can make a difference to your bottom line.

#1: Know Your AudienceCreate rewards that are attractive to your customers and will prompt them to return. Use current sales data to see what’s popular—customers will respond to what’s hot. Test a few different offers and see which ones spike interest. Or…