It’s no secret that replacing customers is far more expensive than retaining them. And when consumers and B2B buyers are worried about the economy, your customer retention efforts become even more valuable to your organization’s bottom line.
HubSpot’s 2024 Consumer Trends Report shows that 57% of consumers think the U.S. economy is currently in a recession, and 53% of U.S. adults are being more careful with spending. Given that, it’s easy to understand why more than 80% of customers say their purchase decisions are motivated by the opportunity to earn back money or a reward, such as a business gift card, according to our research with Aberdeen Group.
Companies of all kinds are also facing pressure to cut costs and limit operational spending. That means in both B2B and B2C markets, even your most loyal customers may be willing to take their business elsewhere in order to save money.
To keep your retention levels up where they need to be, consider finding additional ways to delight your customers. Delivering a business gift card at appropriate touchpoints throughout the customer journey can encourage continued engagement and increase each customer’s lifetime value. Here are seven strategies to incorporate into your retention efforts.
READ MORE: How Loyalty Rewards Drive Customer Retention
Start each relationship off on the right foot with a business gift card thanking your new customers for their business. Choose an amount based on the size of the partnership—enough for their morning Starbucks order or a TopGolf outing for their entire team. The point is to make them feel appreciated from the start to build goodwill so they will continue to choose your products or services.
Giving your customers ample product training supports retention efforts for one simple reason: People are less likely to want to learn a new tool or try a new product if they already know yours well. It also ensures that they feel supported and not on their own after purchasing your product. Encourage customers to take part in training sessions or workshops by offering a business gift card as an incentive for attendance.
PYMNT.com’s 2023 Global Digital Shopping Index found that 41% of consumers consider rewards programs to be very or extremely important when choosing merchants in 2022, and 6.2% say rewards programs are the most important feature.
Loyalty rewards have gone from a “nice to have” to a “must have” for many of your customers. Give a business gift card any time a customer renews their subscription, upgrades to a higher-end product, or purchases a complementary product. When customers feel you value their business—and reward them for choosing you again—they’re more likely to keep coming back.
READ MORE: Here’s What the Best Customer Rewards Programs Have in Common
A bad experience puts your customer relationship in jeopardy. Empowering your support teams to give a business gift card when a customer complains will go a long way toward rebuilding the trust necessary for a long-term relationship. When sending the reward, be sure to send the right message by referencing the specific issue and including a heartfelt apology so they know a real person resolved their complaint.
Just like personal relationships, business relationships blossom with care and attention. Strengthen your connection by sending a business gift card to customers on holidays or important milestones, like birthdays or business anniversaries. Touchpoints like these are also good cross-sell or upsell opportunities, as they keep your brand top of mind.
Customers expect your business to know them—they need to feel seen and understood at every interaction. When you give a business gift card to a customer, tailor the experience so it’s meaningful to them. A digital rewards platform like BHN Rewards enables you to use automation to build separate email campaigns, personalize messages, and customize the selection for each customer. That way, your team can delight customers without tedious manual work.
Of course, one of the best customer retention strategies is to identify potential flight risks before it’s too late. Show customers you value their opinions by sending a business gift card to every customer who completes a survey about your offerings and their experience. Keep your request for feedback brief, highlight how important their thoughts are, and make sure to follow up appropriately.
Request a demo today to learn how BHN Rewards can simplify your customer retention efforts.
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
