Customers. What would you do without customers? Customers keep the lights on, the paychecks coming, and the bills paid. Customers are ultimately why you do business. You work diligently to get new customers coming through the door.
You spend money on the location and signage, you stay connected on social media, and you are always making sure they love your food. But what are you doing to keep coming back for more?
Did you know acquiring a new customer can cost five times more than retaining an existing customer. Plus, one study reports that 20 percent of a business’ existing customers can generate as much as 80 percent of its profits.
What is Customer Loyalty?
“Customer loyalty is a customer’s willingness to buy from or work with a brand again and again, and it’s the result of a positive customer experience, customer satisfaction, and the value of the products or services the customer gets from the transaction.” (Hubspot)
How Do You Keep Customers Loyal?
Apart from great food and great service, what can be done to keep those existing customers spending money at your restaurant?
A loyalty rewards program is probably the most common sense answer. A recent article in Forbes had this to say about the benefit of loyalty programs:
“Loyalty programs are proven to increase customer lifetime value by up to 30% or more by increasing visit frequency, increasing spend per visit, and winning back lost customers.”
What Are the Benefits of a Customer Loyalty Program?
Here just a few of the reasons to implement a Loyalty Program:
- Increases ticket size and order volume
- Helps Build Your Brand
- Keep Marketing Cost Down
- Improves the Customer Experience
- Provides Valuable Data
Are you taking advantage of customer loyalty programs? Did you know you could have a customer loyalty program built right into your branded mobile app with Business Payment Services?