Retail

Tip #1: Know the real value of your product or service.
Loyal consumers will continue to come back to your business because they believe that there is some value to it. A customer will hear about your product or service, try it once, and if they are happy with it, they will come back time and time again. There is a sense of reward or value that they associate with your product. When you are trying to attract your ideal client, you have to know the unique value of your product or service that will create loyalty in your consumers, and tell them what it is.

Tip #2: Know the lifetime value of your customer.
Not every customer is worth the same amount to your business. Someone who spends $50 a month is not worth the same as a customer who spends $500 a month. Look at your database and see which of your clients are most profitable to your business. These people are your ideal clients, the ones you need to target for consumer loyalty.

Tip #3: Create a reward program for ideal clients.
The 80/20 rule applies here. This means that you need to identify the 20 percent of your consumers who are generating 80 percent of your revenue. These people should be given the most benefits, privileges and perks. Typically it is best to reward these consumers with something that is in sync with the product that they attracted to. For example, if you have a customer who spent $5,000 on your designer jewelry, you could give them a $100 off coupon for their next purchase. This not only shows your appreciation for their return business, but it is also an investment to get them to come back again.

When providing incentives or benefits to your most important consumers, an element of surprise or wonder is always great, especially when it is unexpected. It always creates the best response because it makes them feel valued and appreciated. These small actions establish that bond that in turn becomes consumer loyalty.

Tip #4: Communication is Key.
When you establish a trusting relationship with your loyal consumers, you have to have great communication. Loyal consumers are loyal because they feel like an integral and important part of your business and your success. Keeping them informed of the good and the bad is essential!

Open and honest communication not only strengthens the loyalty of your customer, but they will support you though tough times. As a company if you are in sync with your consumers and there is clear communication between the consumer and the company, it is a straight and mutually beneficial relationship.

The bottom line is that loyal customers are the best and most powerful source of free advertising and publicity. Loyal customers become advocates; they will refer your business or service to friends or family because they have established a relationship and a bond with you. They will typically spend more money with you per product category. They will typically try out the new products or services you provide. Most importantly they will give you feedback, since they feel like an important part of your business they care enough to tell you how you are honestly doing. Loyal consumers are the key to your business growth and success.

see more resources and articles here... www.readtheanswer.com/index.php?RTA=web2 ...

6/26/08 at 2:23 PM

maybe that will help.

6/23/08 at 4:19 PM

LAMPERT DOES NOT REALLY CARE HE IS A BILLIONAIRE AND HAS ESL FOR INCOME,HE MADE A BILLION DOLLARS ONE YEAR FROM THERE FROM FEES,HE WANTS TO PROVE HE CAN MAKE SEARS A GREAT RETAIL PLAY FOR HIMSELF.

HIS HEDGE FUND IS WHERE THE TRADING AND INVESTMENTS ARE.
REMEMBER AT LEAST A REIT PAYS A DIVIDEND WHILE YOU WAIT FOR GROWTH.

"LOSE MONEY" WITH JIM CRAMER ...

6/23/08 at 2:13 PM

Lampert is desperate.He is out to prove to himseld he can turn Sears around but it is obvious he can't.

...

6/23/08 at 1:03 PM

Even though I'm not really a franchise, there is a lot in here that one can learn just as an individual. As a professional blogger and someone who offers other freelancing services, I need to be aware of my brand. This post has given me plenty to think about -- especially with regard to how I present myself.

6/4/08 at 10:16 AM

Even though I'm not really a franchise, there is a lot in here that one can learn just as an individual. As a professional blogger and someone who offers other freelancing services, I need to be aware of my brand. This post has given me plenty to think about -- especially with regard to how I present myself.

6/4/08 at 10:13 AM

WHAT A MESS.
TOD SULLIVAN SAYS THEY ARE GOING TO DO THIS AND THAT.

THEY SHOULD START SELLING CHEESEBURGERS.

5/29/08 at 6:33 AM

Cool pitch idea! Your example will be truncated after "one" ... how about "We are the beauty destination of choice, providing women with a variety of the best beauty products and services in one convenient location."
Here's what I created for us: "Tiger Tacos simply make using cardboard boxes easier by keeping those damn box-flaps down out of your way while packing and unpacking stuff!" ...

5/22/08 at 10:12 AM

I was right there with you Mike until your statement "While I don't like to disrupt someone's livelihood, it's business." And there was the kink. I got some advice several years ago from a great leader. You can't fall into the trap of caring more about someone keeping thier job than they care about you keeping yours. Do you think this crew cares about disrupting your livelihood? Because in the end, thier failure could very well be yours. The Corporate Pretender www.hisbot.com ...

5/7/08 at 11:18 PM

Excellent advice! You hear so many things about how to books and how they will change your organizational skills. Fact is, until you do something to change them, it doesn't matter how many books you read. I do acknowledge that there are books out there with great ideas, but they don't fix your problem, you do. My mother is PRIME EXAMPLE of this. She is a busy person in a fast paced business. She has a library of "how to" books on organization, losing weight, time management, but yet she is still the same unorganized person she always has been. She wants someone to come in and organize her and it doesn't work that way. I have done it many times for her and gave her a fool proof system to follow, but she can't do it. I refuse to do it for her anymore and she gets mad, but until she learns how, it doesn't help. Wonderful words to live by! Thanks!

3/31/08 at 6:48 PM