Most small business owners intuitively understand the power of loyalty. They instinctively seek to turn new customers into regulars and regulars into word-of-mouth advocates.
Besides improving product and service quality, the most common loyalty tactic among small business owners are simple rewards programs. And they work. But are there other loyalty tactics owners should consider?
Sure, it’s great for your business when customers pay ahead of time, but what about prepayment as a loyalty strategy? If structured correctly, prepayment can drive huge increases in customer spend–customers, after being incented to prepay, significantly increase spend because their prepayment acts as an ever-present motivation to get the most out of their investment.