3. Reward your customers
The data we just talked about can serve another purpose; identifying which customers are most valuable to you. Rewarding these customers is an excellent way to keep their business; the nature of these rewards is up to you, but some kind of discount is usually popular.
A rewards scheme (targeted at big spenders) is one approach. However, for this to be attractive you may need to employ psychological tricks. Offering a reward upon entry is one winning strategy, as is implying a tier below your target customers. If customers feel – on some level – that they’re more valuable than others, this can make them more likely to participate in a rewards scheme.
You can also imply this worth or superiority by giving members an appealing title. Going with something straightforward like VIP works, but something more informal can work if you’re targeting a younger audience.
As a rule, data-driven decisions are a good strategy for businesses to adopt. Consider your data collection habits and see if they can be expanded.