The purchasing process involves a lot of diligence, patience, and skill. To influence your target customers to make a purchasing decision, you have to work your way through multiple touchpoints.

At times, it seems difficult for even the most expert marketers to land new customers. However, if you already have a roster of customers on your books, you can pay less attention to the acquisition of new customers and instead focus on making your existing customers happy.

What is a preferential service?

A small group of customers can be responsible for a large share of your profits, and you will want to keep them by offering specific service in the form of a fee waiver, low-interest rates, or a free after-hours service.

More than an exceptional quality of service, you have to form an emotional connection with your clientele. It will make your brand stay in your customers’ minds and make them happier.

In return, your customers will leave pleasant reviews and spread the word for your brand – resulting in increased sales and profit.

Remember that your returning customers spend up to 67% more than the new customers, and acquiring new customers is also 6 to 7 times more costly than retaining your existing clientele.

And just by putting a 5% more effort into retaining your existing customers can help you increase your revenue by 25 to 90 percent.

Benefits of a preferential service

Preferential service focus on profit maximization through the engagement of your most loyal customers. Here are some of the discreet benefits associated with this concept:

• • Increases revenue: With preferential service, you can increase customer retention that will help you boost sales as your select customers will trust your brand and, in turn, spend more and contribute to profit maximization.
  • Saves money: Consider your preferential service term as a form of sound investment to strengthen your relationship with your loyal customers. In comparison to attracting new customers, the costs of a preferential service term are far lesser.
  • A useful source of gathering data: Modern customers consider personalization as a high priority. As part of your preferential service term strategy, encourage your customers to fill out forms so that you can create customer-specific experiences within your target market.
  • Appreciates your customers: Preferential service will form an emotional connection between your loyal customers and your brand, increasing the trust factor of your company.
  • Measures the efficacy of customer loyalty: By offering preferential service to a specific group of customers, you can measure metrics like engagement, repeat customer rate, and purchase frequency.

Whom to offer preferential service?

Preferential service work best for a select group of customers responsible for a large proportion of your sales.

You can target such a group by providing a superior level of service, early access to specific products, and exclusive offers. It could also include waiving minimum order quantities or an out-of-hours service.

What are the best examples of referential service?

Offering referential service can be in the form of free goods, discounts, and unique buying opportunities. Here are the best examples:

Offering price reductions
You can offer price reductions to customers who have achieved a particular spending target. For instance, you can offer 20% off their next purchase if they have spent $200. With a limited period offer, you can drive quick sales. However, you must ensure your terms are clear and easy to understand.

Offering a loyalty coupon scheme
If you have a high sales volume of low-value items, including beverages, food items, etc; you can offer your customers a coupon with every purchase. Once a customer collects a certain number of coupons, they qualify for a free item.

Offering reciprocal discounts
You can collaborate with an associated business to offer reciprocal discounts to select customers. For instance, if you sell lifestyle products, you can provide a discount coupon for a home decor shop to your customers.

Holding a preview evening
You can invite your loyal customers to a preview evening to check out a new range of products. It gives your customers an exclusive feel and strengthens your relationship with them.

How can NextBee help you?

NextBee can help you increase sales from loyal customers by sending automated emails based on consumer behavior and purchase history.

Our specialized programs engage inactive customers, recover abandoned carts, and turn your loyal customers into brand advocates.

We help you offer preferential treatment to select customers depending on your marketing strategy based on these criteria:

• Consumers who have spent more than a certain amount
• Consumers who have made a certain number of purchases
• Customers who have purchased from a specific category of products

Loyalty programs and reward points have become the industry-standard to engage your customer base and increase profits.

Even if your customers like your products or services, it is quintessential to enhance their loyalty in a competitive market. It will give them additional reasons to connect to your brand and make more purchases.

To do things differently, you can offer preferential service to your loyal customers to give your business more cachet and achieve profit maximization.