It’s one of the most cited statistics in the business playbook: 80% of your venture’s profit will come from 20% of your existing customers. Loyal customers are your most valuable customers, which is why many small business owners go above and beyond to incentivize their customers to return time after time. A loyalty program can improve customer retention, bring in more positive customer reviews and build the kind of brand loyalty that can help you sustain the business through a recession. Here’s how to set up and run an effective customer loyalty program.
[Read more: Customer Loyalty: What’s Love Got to Do With It? A Lot]
Design your program around a goal
What’s the customer behavior you wish to incentivize? Design your loyalty program to reward your customers