Business Perspective : Rewarding loyal clients in business in necessary

Many business people do not like giving away freebies for obvious reasons, and if they do, someone somewhere must have really done their job well trying to convince any business owner that at some point in business it is very important to reward loyal clients. On Sunday I had a bone to pick with one of my service providers, unfortunately when I visited the offices the boss was not around so I passed my message through their receptionist. This is a service which I have been subscribing to for over a period of one year; and now the company has decided to introduce new products- in all their business sense they decided to give their new clients better service then leave their old and loyal clients out in the cold! I was very upset when I was told I had to pay 60,000 Rwf for me to be able to enjoy the new services they were offering, how outrageous! In the time I have been in business; what I know is that when a company is about to launch a new product, the old and loyal clients are the first ones to be rewarded- because these are clients whom you have been with through thick and thin, and it is only because of their understanding and sticking by your business no matter what, you have come thus far. So neglecting them can be a business blunder. Some business people do not know how to reward their loyal clients, so how can a business reward a loyal client? If you have a lot of repeat customers and you wonder, who deserves to get more reward; you need to first define what customer loyalty means. It can be someone paying you on time for a certain period. Let’s say you have a repeat customer doing business with you for six months and another for two years. How can you be fair with your rewards? There is exactly no standard rule in giving rewards and it is up to you to give someone more or less. Always keep in mind to keep your part of the deal and avoid making discriminations based on a client’s race, gender, or religion. You may also choose to wait for your repeat customers to ask you for some benefits of doing business with you. But, taking an initiative and offering rewards can make a huge difference. Your loyal clients are still humans and they will respond positively to some T.L.C. or tender, loving, care – in the form of rewards. This will surely set a great customer service from a good one, and you will be surprised at how positively your clients will respond to the loyalty programme that you will have to offer. There are two ways of rewarding clients; Giving Freebies You can argue that a day’s work means a day’s pay. We all know that each minute spent on work is deserving of getting a decent pay, especially when times are tough like now. Yet, going the extra mile of giving small freebies that are not really that hard to accomplish can mean a lot to your repeat customers. For example if one is in printing business, they can decide that for every client who needs to do bulk printing and they also want to bind the documents- then that company can decide to charge for printing and the binding work to be done at no fee. Small things can make a huge difference. Besides, everyone loves free stuff – no matter what the freebie is. Giving Discounts If you’re not into doing extra work for free, you might as well give your loyal customers some form of a discount. You can set a minimal percentage of 10 percent on the total amount of work completed. Your loyal customer has been paying you on time and offering a discounted package for the work to be done will mean a lot. You don’t only help them save on their project, but you also help them stay with you for long. Remember that they may always get tempted to search for another service provider with a lower rate; it’s just business after all. Retaining old clients can be a difficult thing to do, and many a time it is better than getting new ones. Know that customer satisfaction isn’t enough to keep them loyal to you. You need to go beyond their perceptions of how business is done or making them more than just satisfied. By rewarding your customers, you get to make them feel more valued, which in turn will make them do more business with you. You won’t even have to blink an eye in securing your next business deal. Ends