Customer appreciation as a factor to business growth

If there’s one thing customers love, it’s when they feel appreciated by their go-to store or business. 

Customer retention is a huge factor for businesses as this can make or break the future of their sales. And one thing that can make your customers stay is showing how much you appreciate their patronage of your products. 

All business people have different strategies for showing how much they are grateful. Some work all the time, while others still need more effort. Remember that customers drive your business’s sales, so ensure you have a good relationship with the people you transact with.

Let us dive deeper into customer appreciation and how it can affect your business growth.

What is customer appreciation?

It is a marketing strategy businesses use to express their gratitude toward their customers. Brand owners or managers employ a customer appreciation method to thank their devoted customers for highlighting their significance to the brand’s success.

Customer appreciation programs aid consumer interactions and go above and beyond selling goods or services to foster enduring relationships. Building a solid connection between the brand and the customer is essential.

While customer appreciation is a key to increasing weekly sales, it also opens a path to gaining more brand awareness. Therefore, customer appreciation is necessary to give your patrons an individualized sensation, which is a brilliant strategy to ensure a pleasant experience.

Why do customers prefer businesses that engage with them?

Nobody likes to interact with a business without interest in its customers. Engaging with customers means you willingly take them to get an experience of what your brand offers. 

More than that, a successful customer engagement scheme results in brand growth and customer loyalty. If you’re lucky enough, it will drive more revenue to your business.

Interacting with customers also helps in improving brand quality. Through customer feedback or survey, businesses can determine what they have been overdoing or lacking. 

When customers feel heard, they will be encouraged to purchase more products. Customer service will only sometimes be perfect. There will be flaws in every process. 

However, if done correctly, it will spark more interest in your target market as the brand is considered welcoming and professional.

5 powerful ways to show customer appreciation

In today’s market, the competition is fierce as more businesses constantly strive for new strategies. Customers look forward to something new, and it challenges business owners on how they will appeal to their target markets. 

Customer appreciation can help boost sales if done consistently. 

Here are five inexpensive ways to execute customer appreciation in your business:

1. Feature in social media pages

Having a customer feature on your social media platforms is a great strategy to show how much you appreciate their patronage. People love a subtle highlight of themselves; it makes them feel valued. 

Doing this strategy goes both ways: you show how grateful you are to the customer, and it humanizes your brand. The customer feature is proof of purchase that you get to showcase on your business page. 

Your brand receives more brand recognition as more audiences will see it online.

2. Provide early access to new products

Make your customers feel appreciated by treating them like VIPs. Early access to new products will only entice them to support your brand more. 

Newsletters, emailers, personal messages, or calls are a few ways to communicate that you are offering new products to your loyal customers. Customize it to add a personal touch to your message. 

3. Offer discounts on some products

Who would reject a good discount? Almost all businesses use discounts to get more people to try their products or services. 

Show how much you value your customer by providing rebates to get them to patronize you more. You can start with a 10% discount and increase it as soon as you see a progressive profit. 

4. Invite to referral and loyalty programs

Loyal customers deserve recognition for their continuous patronage. Aside from their loyalty, encourage them more by creating a referral program. Once they refer a friend or anyone to purchase from you, they get a referral fee or discount. 

Doing the referral system can become a motivation for loyal customers. The more they refer, the more sales the business gains.

5. Send out a personalized gift/letter

People love receiving customized products. It gives out a more personal touch and a sense of belongingness. 

One way of doing this is by adding specific detail about them. This way, they will feel like you know who they are and what they bought from you. Generic gifts are a no-no since they don’t give out genuine appreciation.

Customer appreciation as a key to business growth

There is a linear correlation to how engaging with customers impacts a brand’s profitability. Based on a study by Constellation Research, companies that improve interaction can see: 

• 22% boost in cross-selling revenue
• 38% rise in up-sell revenue, and 
• 5%-85% increase in order size

It shows how investing in a good customer experience makes up a massive lever for revenue. As businesses continue to progress, there is a need for customer appreciation to increase. Consistent and intentional appreciation is the key to achieving high customer retention. 

Make your customers come back for more by strategizing ways to show how much you value them.