Customer loyalty is one of the most significant achievements for a business. It leads to repeat business, referrals, and word-of-mouth advertising. The best kind.
Repeat business could be considered a form of loyalty. But repeat business can also be perpetuated by things like rewards and incentives. It can also be the result of convenience.
The biggest difference between repeat customers and loyalty clearly comes down to meaningful and tangible benefits. “I frequent a local gas station because it’s right across the street … so I’m a repeat customer to that.”
Rewards programs have become mainstream in recent years with retailers. From Starbucks to Sears, retailers are finding ways to incentivize and reward customers for their repeat business.
But do rewards and incentives create true loyalty to brands? How can auto retailers incentivize and reward customers for their business? How can they create loyalty?
To explore this, DrivingSales Members Bill Playford, DJ Snyder, and Myself had an extensive conversation about what drives loyalty for retailers, and how these ideas play out for dealers in auto retail.
For the complete conversation, visit the article Customer Loyalty vs. Repeat Business in Auto Retail on our blog, which features the full podcast version. You can also catch the video replay of the original live stream on our YouTube channel.