How often do you keep in touch with your past customers to announce a new product or service? Have you developed a relationship with your customers since their initial purchase? Do you consistently reward customers for their repeat business? Frequency marketing is simply identifying high value customers and building a solid relationship with them. It is also a very effective way of branding your product or service. It is a proven fact
developing relationships with your customers will increase sales and reduce expenses.
Reduce expenses?
Yes, acquiring new customers always costs more money than selling to your existing customers. Most companies do not realize power of their in-house mailing lists.
Frequency marketing has been around long before Internet. A prime example of frequency marketing are many "frequent-flyer" programs. Many airlines offer free air miles if you travel on their planes. This is their method of building brand loyalty.
Should you implement frequency marketing in your marketing efforts?
Frequency marketing is a long-term strategy that requires commitment. Unlike promotions that may last only weeks, frequency marketing programs could last for several years. If you cannot make this type of commitment, then it will be tough to develop a successful frequency marketing strategy.
The rewards that you offer should be of value. Here are a few more examples of frequency marketing:
Credit Card Contests - Some credit card companies are offering you a chance to win prizes. Everytime you use your credit card, you are entered into contest.
Stamp or Points - Companies will give you stamps or points that can be redeemed for brand merchandise. (e.g. Pepsi Points)
Contest and Games; Companies provide games or contests which require player to make repeat purchases. (e.g. McDonalds Monopoly)
You do not necessarily have to offer a tangible reward. Studies indicate that rewards such as special treatment or recognition provide a stronger bonding impact.
