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This power can’t be underestimated in today's competitive landscape. 

In these inflationary times with cost-of-living pressures shoppers are looking to stretch their dollar and increase their purchasing power. To get more for their ‘dollar’ they are seeking bargains, gifts and discounts - enticements that often appear in the form of customer loyalty programs. 

This has seen Businesses respond, adopting a loyalty business model. This aims to increase the loyalty of customers and other stakeholders that results in meeting objectives and profits.  Rewards, relevance and recognition are considered key elements of strong and effective loyalty programs. 

As competition heats up, the big players in various Industries are investing heavily in offering a range of loyalty bonuses and rewards. Discounts, promotions, and incentives with purchases of food, fuel, flying, the list goes on! 

What’s happening in your Business/Industry?  

More importantly, are you getting your share of the ‘loyalty’ market! 

Customer loyalty is best described as an ongoing positive relationship between a customer and a Business.  It drives repeat purchases, brand loyalty and retention. Your customer chooses your company over another offering similar or the same products or service. Your loyal customers return, Cha Ching, the sound of the cash register! 

Is your register cha-chinging?  

If you are a small Business how do you compete with the ‘big’ operators with big budgets?  

This is where small Business needs to be smart! 

Attracting, building loyalty doesn’t have to come with a huge price-tag. Show your appreciation with goodwill gestures such as the coffee card bonus free cup. Very popular! Who doesn’t have a card ready to be tagged! I do!

Hands up who hasn't shared a story with friends of why they will support and be loyal to a particular Business or service. And this where small Business gain market share.

Building loyalty by delivering good ‘old-fashioned’ service. Loyalty earned with your words and actions.

Check the list below, does it match your 'mantra'  

• welcome with a smile 
• consistently deliver quality products, value for money  
• actively engage, listen, pay attention 
• communicate your values, what you, your Business stand for  
• seek feedback and act on it 
• respond quickly to customer enquiries and issues 
• aim to continually improve the customer experience 
• appreciate your loyal customers they help spread the word 

Customer loyalty, foster and build with your service excellence, quality products and integrity. It's about creating value, building relationships, credible reputation, that drives growth for your Business. The reward, everyone benefits! 

And loyalty features in other areas, in our personal friendships and relationships. We give support, faithfulness, allegiance, devotion and commitment. It’s being there during highs and lows, good and bad times, and standing by their side, reliable and dependable.  

Takeaways:

• Don't underestimate the value and power of loyalty, and customer loyalty.
• In all our relationships, earn, give and receive it
• Small Business foster and build with good old-fashioned service