Updated: Jan 16
From the perspective of loyalty, are two customers ever exactly the same?
Let me explain.
Consider these two customers:
Customer A - visits a business three times a week, spends on average $15 each time.
Customer B - visits a business once a month, spends $30 during each visit.
Although this is a simplified example, we can already see a difference between A and B. A visits more often but spends less during each visit in comparison to B.
From my perspective, A is more valuable as I have more of an opportunity to interact in person during three visits versus one - more up-selling/cross-selling and more time to deepen the relationship. Over time, A is going to spend more with me in comparison to B.
The question becomes - should I give the exact same rewards, offers and incentives to both customers?
The answer here is no.
Even if you don’t have a formal loyalty program in place, your best customers deserve the best rewards for their loyalty.
The trick is, do you have a system in place to help quickly identify who those best customers are? It could be something as simple as determining who is driving the most referrals to your business.
Whatever the definition is, be clear about it and ensure to reward the ‘top tier’ of your customer base accordingly.