Organizations have a unique opportunity to create value through recognition of clients in many ways. Customer recognition is a way to introduce a product or service or company to give back to the consumer to be loyal to a product, brand or service. The most common strategies in the recognition of clients include loyalty programs, free samples, rebates, contests, coupons, deals and prices. Strategies must demonstrate effectiveness for companies to continue using them.
Determine the production cost of promotions to customers. The future success of every client program is only a forecast, so the cost to implement these strategies should be limited. The program and the cost savings to the customer shall not exceed the cost of the product or service or benefits under the program.
Calculate the difference between sales of the day before the customer recognition program and beyond. A review of records of previous month's sales will give a benchmark to compare the months following the program. A comparative study will also assess your company trafficking regular business and the effectiveness of its marketing programs.
Compare the differences between the reference month and the next six months of sales. If there is a change in the amount of sales, the program has had an impact on society. The key is whether the impact is positive or negative. An increase in sales is a positive impact, while a decline in sales or sales are stagnant a negative impact.
Look for an increase in business traffic and consumer awareness. A slight increase in both mean that the customer recognition program had a positive impact on the bottom line. Review sales and potential sales show the financial outcome of a recognition program for customers, but the program expenditures must also be taken into consideration.
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