Repeat Customers Or Loyal Customers – Which Type Do You Want?

What’s better – loyal customers or repeat customers?  Is there a difference?  Every business wants to increase their client base by providing value and service.  In today’s marketplace, you have to do more.  You’ve got to provide value, service and…a bonus.  Consumers feel entitled to high expectations at every retail price point and because of the tools available for comparison shopping, they drive very hard bargains.   A recent Experian study in the UK showed that 10% of consumers use their mobile phone in-store to check the price of goods elsewhere before purchasing.  So, it’s necessary to provide an extra incentive to develop an on-going client relationship.   If you’ve got the lowest price, that’s a start.  But other customer benefits can partially compensate for low price to convert one-time shoppers into repeat customers.  The key is building a bridge between ‘repeat’ and ‘loyal’  customers.  Loyalty programs promote this transition.  Loyalty programs are vital to most businesses but especially to online-only retailers who must shave margins down to the smallest percentage in order to compete effectively.  The high cost to acquire a new customer demands that multiple purchases be made by that customer in order for the site to recoup their investment to acquire the shopper initially. There are many types of loyalty programs.  Choose the one that best suits your business model.

What It's All About

Marketing Pot: An Idea Stew for Buyers and Sellers -- The marketing process is one of the most vital and most frustrating elements of any successful business.  Vital because marketing comprises the entire chain of events required to bring a product to market.  And that's precisely what makes it frustrating -- the scope of marketing is so vast that it's difficult to pin down and apply effectively.  Few marketing firms or their clients get it right, but when they do -- the results are spectacular.  With this blog I hope to share insights into this ever-changing and ever-challenging field.  As contributions increase, my goal for readers is to throw this 'marketing pot' against the wall -- and to use whatever sticks.
- Larry Hotz