Businesses across the world adopt different marketing strategies to acquire new customers; however, in most cases the substantial part of their profits come from their existing customers. Retention of customers therefore becomes so imperative that there is an altogether different marketing discipline devoted to it by the name loyalty marketing. Various types of customer loyalty programs (incentives) such as frequent flyer programs, hotel loyal guests points programs, credit card loyalty programs, etc. are used by companies to retain their customers.
Promotional products are quite effective when it comes to customer loyalty and if done rightly, they are more than capable of creating a long on-going relationship with the customers. It’s human psychology that we appreciate when something is given to us for free and we feel a kind of indebtedness to reciprocate the act. Being cost-effective, promotional items are a potent marketing tool to engage on regular basis with the customers. Other than that, they also help the companies to simultaneously improve their brand visibility. Due to these advantages, this already billion-dollar industry is increasingly becoming an important part of every marketing effort planned by companies worldwide.
It is crucial that you space out your communication with the existing customers and do not fall into the one-time correspondence category where the sale of product ends the interaction between the customer & company. Also, the offered promotional products must be relevant to the customers w.r.t. their purchasing history, age, gender, etc. The quality of these promotional items should also be good as these gifts in a way accentuate the relationship value perceived by the customers. So, when you think about loyalty programs next time, make sure that you incorporate promotional items in it!