Attracting and Retaining Customers using Financial and Non-Financial Methods

Attracting Customers using Financial and Non-Financial Methods

Discounts and offers: Businesses often use price reductions or offers to attract new customers.
Loyalty schemes: Reward-based programmes that incentivise repeat purchases.
Finance options: This includes buy now pay later, interest-free credit, and other payment flexibility.

Product quality: Enhancing and maintaining the quality of a product can attract more customers.
Customer service: High standard customer service can improve the reputation of a business, attracting new customers.
Brand reputation: Building a strong, reliable brand image can attract customers due to perceived quality and trustworthiness.

Loyalty schemes: Programs that reward customers for repeat purchases, such as earning points or getting discounts for future purchases.
Exclusive deals for existing customers: Special offers or discounts only available to existing or long-term customers.
Membership programmes: Subscription-based services where customers pay a recurring fee for ongoing services or benefits.

Quality: Consistent quality of products or services encourages customers to stay loyal.
Customer service: Excellent customer service, including handling complaints effectively, can increase customer retention.
Personalisation: Tailoring products, services, or marketing messages to meet specific needs can build closer relationships with customers.
Communication: Regular, informative communication can keep customers engaged and make them feel valued.
After-sales service: Support after a purchase, like product support and returns or repairs, can improve customer satisfaction and loyalty.