The Importance of Perceived Value When Selecting Rewards for Customer Retention and Acquisition
Avoid making assumptions if you want to improve customer retention
An effective reward programme can do three things:
- It can attract and retain customers
- It can give you the data you need to challenge assumptions about both your existing customers and those you would like to attract
- It can inform you about potential directions for your product range
There’s nowt so queer as folk
Make it easy for customers
Given the rise of technology and clamour for attention from the high street, out of town shopping and internet retailers, having a reward strategy that cuts through the noise can really help a business.
We would recommend looking to a reward scheme that has broad appeal and doesn’t make assumptions.
Skipping the whole process of trying to guess what value a potential customer will put on a particular reward can save a lot of time and effort and lead to a better result.