If you’re looking for a quick injection of inspiration with regard to customer retention strategies and tactics, read on! Repeat customers are often among the most profitable given the absence of customer acquisition costs, overhead costs and onboarding expenses. The renowned go-to for corporate executives, Harvard Business Review, has conducted many-a-study on the value of keeping a customer, including one that revealed that its5-25 times cheaper cheaperto keep an existing customer than to acquire a new one. Your ability to maintaining a valuable, profitable revenue stream (courtesy of a solid customer retention approach) is the low hanging fruit called Customer Loyalty that should be nourished and nurtured. Here are four ways to cause an uptick in your customer retention numbers using a giftcard rewards portal that is powerful, secure, flexible, customizable and easy for teams to deploy and utilize.
“A gift from our team to yours: Get inspired with these customer retention stories, shared by the corporate managers that executed them.”
1. BOGO (Buy One, Get a Gift Card for Free)
“We have an annual BOGO promotion, which is great because I can mix and match product offers based on inventory levels and trends. Our designers are expert at the visually creative appeal that link promotions between point-of-sale, to our website to our social sites. We *always* structure our program to “Buy X/Get Y — where “Y” is a gift card. The ability to rely on eGifter Rewards to purchase these gift cards in bulk and send them digitally to our customers makes this program possible. Thanks to the clear performance of eGifterRewards portal, we can repeat our biggest successes at any given moment.”
Tyler M. – Product Marketing Manager
2. Deliver Training or Onboarding — Reward Upon Completion
“Helping clients improve their ability to be successful can absolutely galvanize their business — and yours. The opportunity to strengthen relationships in a personal way is readily available through well planned training and onboarding sessions. While it’s not always easy for customers and clients to carve out the time, the encouragement offered by a gift card reward is surprisingly effective, even for small denominations. At our training & onboarding sessions, there is never an empty seat. Why? Because the array of gift cards and our ability to deliver them personally through eGifter Rewards system has enabled me to invite customers with style and thank them with class (no pun intended.)”
Savannah R. – Client Success Manager
3. Promote “Member Get a Member” with Free GiftCards to Each One
“Member referral promotions are among the most effective marketing programs that we run. The organic nature of people being a brand ambassador and enlisting their friends to subscribe to our tools is both cost efficient and profitable. We love being able to use a single program to double dip into the buckets of both new customer acquisition and customer retention / loyalty. The ability to reward current clients and at the same time, incentivize potential clients — both using egift cards — is powerful fuel, indeed. eGifter Rewards puts my team at the helm, with the ability to purchase gift cards in bulk and send them out personally — instantly.”
Tim P. – VP of Marketing Communications
4. Send Rebates with Gift Cards instead of Cash
“The one sales strategy that it indispensable to our organization is the Incentive Rebate. Our program is classified into four types: Volume Rebate; Growth Rebate; Retention Rebate and Mix Rebate. Depending on the nature of the B2B client, their annual budget and their company size, we will assign them into one of the four categories during the onboarding process. We have proven on a client-by-client, year-over-year basis that $1 invested in a rebate has a powerful, positive impact that can be quantified, in volume, mix or retention benefit. Without the eGifter Rewards gift card portal (and simple, powerful reporting), that would simply not be possible.”
Marla V. – Director of Sales & Business Development
Long story short, business users are having tremendous success with eGifter Rewards as the foundation of their powerful customer retention and loyalty programs. The ending is happy: There’s a ‘light lift’ systematic approach to driving revenue and profitability with gift card rewards. And there’s an endless array of creativity you can bring to these four tried-and-true sales, marketing and support programs.