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Christmas is an expensive time for everyone with reports suggesting certain age groups spend up to £491 per person, so reward loyal customers with printed merchandise to ensure they stay with you.
After Christmas many people choose to give up luxuries to start saving and start to curb their debt. This is bad news for retailers and those who sell non essential items as the market doesn't start to pick up again until the second and third months of the year. With many businesses still affected by the perils of the recession, it's important to hold onto your customers to ensure your business survives.
A recent report showed that adults aged 35 – 54 spent the most at Christmas, with some spending up to £491 per person! However, on average, consumers spend £445 on Christmas presents each year. One in five adults expect to use credit or store cards to pay for their Christmas shopping, whilst 15% believed their December salary would pay for Christmas shopping, with a struggle expected in January.
Statistics show, that even when there is little money available, over 60% of customers are willing to pay to use a particular business if they have received a high level of customer service from them. Facts also show that an average organisation will lose roughly 30% of their customers on an annual basis, this could be due to price increases or bad customer service. It is a well known fact that a retained customer is more profitable for a business than a new customer, so you should really look after those that have stayed loyal to your organisation.
It is proven that attracting a new customer costs an organisation six to seven times more than keeping a retained customer. At this time of year, it's not just customers who are watching their money, but also businesses as well. If you are able to maintain a strong relationship with current customers then you may be able to cut back on your advertising and spending. Word of mouth is one of the most effective forms of advertising as it's a recommendation from someone trusted.
One way in which you can keep your loyal customers happy is through promotional merchandise. Customers are more likely to stay with an organisation if they feel valued, so show them they are worth it with an after Christmas gift.
Printed merchandise are one of the most cost effective ways to market your business so why not give them a try for 2013?
