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Does Your Business Need a Customer Appreciation Strategy?

By: Aaron Lee

 

Does Your Business Need a Customer Appreciation Strategy

It goes without saying that you appreciate your customers. Without them, you wouldn’t have a business to run. But do your customers know how much you appreciate them?

It’s easy to get so caught up in the process of generating new leads and prospective customers that you fail to give your existing customers the right amount of focus and attention. Eventually, many of these customers will start feeling like they are just another number on a spreadsheet.

Customers who feel unappreciated will leave.

A customer appreciation strategy can help ensure that your existing customers feel valued and appreciated by your business. Take care of your customers, and they will take care of your business.

What is a Customer Appreciation Strategy?

Simply put, a customer appreciation strategy is a marketing strategy that aims to reward its existing customers.

When done properly, customer appreciation strategies can improve customer loyalty and advocacy, which in turn leads to increased sales growth.

Customers need to feel valued and appreciated. They want to be treated with the care and attention they deserve. In today’s world, where customers have so many options at their fingertips, it’s important for businesses to take extra care in catering to their existing customers.

The right customer appreciation strategy can increase:

  • Customer loyalty
  • Value in the market
  • Profits

In order to be successful with your strategy, you need to ensure that you have a complete and current list of your existing customers. Customer relationship management (CRM) software can be used for this purpose.

Effective Customer Appreciation Strategies

How can you show customers that you appreciate their business? Here are a few effective strategies:

Send Gifts

One of the simplest ways to show your appreciation is to send customer appreciation gifts. A gift is a great way to make your customer’s day. Choose gifts that reflect their personalities and interests.

The more personalized, the better. Customers will appreciate that you pay attention to their interests and value their loyalty.

If you’re not sure about their interests, you can always send a box of chocolates, bouquet of flowers or basket of fruit.

Host a Customer Appreciation Event

Customer appreciation events are great for not only showing your appreciation, but also for meeting customers face to face.

The event can be something as simple as hosting a big sale at your store with refreshments and giveaways, or you can make it more elaborate. Work within your budget, and plan an event that makes sense for your business and your customers.

Give Discounts

Surprise discounts are another simple yet effective way to show customers that you care. Send these special discounts only to existing customers, and make it worth their while.

Your existing customers will appreciate your generosity and will likely return to your company in the future when they need to make a purchase.

Send a Handwritten Card

Whether it’s for a birthday or just to thank them for their business, handwritten cards are a nice gesture that customers will love.

To maximize the effect, write a message that is specific and personal. Focus on why the customer is important to you and your business.

Published: October 8, 2019
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Aaron Lee

Aaron Lee is a serial entrepreneur, investor and philanthropist. Since the age of 17, he has started and sold five businesses before creating Dash Serviced Suites--Hong Kong’s fastest growing asset-light, tech-enabled, serviced apartment community operating over 100 apartments. Aaron focuses on investing in technology to build industry disrupting startups.

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