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In a thriving economy, we are willing and able to pay more for the right product or service. We want the best of everything. However, if the economy takes a downward turn, we might find ourselves in a recession or combating inflation.

 

What can you do to ensure that your customers stay loyal to you?

 

Build customer relationships

 

The best way to keep a loyal customer is to build a strong, personal relationship with them. Call clients and prospective customers and strike up a conversation about the products or services they like best. Let customers know that you want to retain them as customers and help them through this downturn. 

 

 Add value for customers

 

The easiest way to retain customers is to be proactive and share your business’s value proposition. Create ways to add value for your customers. They don’t need to be extravagant – simply offer a new upgrade or provide additional features or functionality.

 

• Add more features to a valued product or service at the same price point
• Offer free training and resources
• Create an email campaign that provides tips and tricks, so clients get the most out of their purchase
• Post social media content that keeps customers loyal

 

Cut prices to keep customers

 

Products and services are priced so that a business can make a profit. If a loyal customer calls to ask for a price reduction, it is critical to understand their situation so you can understand how to approach a price change. 

 

• Offer a discount for a set amount of time
• Offer a full billing deferral for a certain amount of time
• Offer a one-time discount

 

Set up a loyalty program

 

Create a loyalty program to reward your best clients and entice prospective customers.

 

• Offer a discount based on how long a client has been active with you
• Provide a reward that’s based on the number of past orders
• Add additional services at no charge based on loyalty
• Provide coupons or discounts on new purchases for loyal customers

 

Trencent specializes in loyalty programs, having delivered over $250 million dollars in rewards and over one-million cards shipped. Click here to learn more. 

 

Advances in technology have enabled incentive program providers to develop insightful reward strategies. Prepaid cards provide greater flexibility and portability for consumers. These cards are ideal for large corporate incentive programs, and they have significant networks that allow your program participants to choose how to spend their rewards.

 

An experienced prepaid card program developer and manager, like Trencent, can help you develop a rewards program and delivery mechanism that creates a fully-branded experience and offers maximum marketing returns. 

 

Prepaid cards are different from traditional credit cards in that they do not rely on a line of credit. Although they contain branded products, like Mastercard and Visa, prepaid card users can only spend what they have preloaded onto the card.

 

Similarly, like bank debit cards, each transaction reduces the balance on the card, but the funds are not linked to a bank account. You can use some prepaid cards to withdraw cash from an ATM, but you can only withdraw the amount loaded onto the card.

 

Some prepaid cards are reloadable – meaning that you can add more money to the card multiple times – while other cards cannot be reloaded. In this instance, you would not be able to add more funds to the card, and then you would simply discard the prepaid card.

 

Trencent makes it easier to understand all of the options available to you. You’re one step closer to developing a rewards program that captivates consumers and delivers impressive results.

 

Contact Trencent to learn more.