When it comes to reaching customers and boosting brand loyalty, there’s are very few strategies that one might describe as a “sure thing,” but one approach that will almost always work is finding a way to offer customers more – more of a product, higher value, or more perks – for less money. This is the entire premise of sales, value meals, and even a lot of explicitly named customer loyalty programs. Some industries, such as real estate, though, have a harder time developing this sort of offer; the field just isn’t designed for it. Does that mean these industries can’t use value to boost customer loyalty? Not at all!

Whatever your field, there are always ways to provide your clients with more value – you just need to be strategic. These 5 approaches can be translated across industries in a way that will boost your business’s earnings while also offering customers benefits designed to increase long-term brand loyalty. It’s possible to do more without compromising profits because offering more for less doesn’t mean giving it all away. You’re laying out the welcome mat, not handing over the house.

Consider The Basics

Value-driven promotions haven’t changed much over the years, even with the rise of the internet, and that’s true for a reason: the old standards work. Coupons and mailers, giveaways, and now Groupon, all attract new customers, and getting traffic through the door is half the battle. Simply put, you shouldn’t overlook these old school strategies; businesses continue to mail out coupons and special offer vouchers because they work. And, on top of all that, they’re one of the most inexpensive marketing tools available. It may not be cutting edge, but coupons and their kin are all you need to start building customer loyalty.

Another classic way of fostering brand loyalty and providing customers with a small bit of added value is by giving away branded merchandise – aka swag. Though many companies think that this strategy is out of date, that’s not the whole story. Sure, most people don’t want another keychain or even a plastic water bottle, but there are plenty of high-value items that are relatively inexpensive to produce, such as USB drives, small measuring tapes, wireless phone chargers and power banks, or even reusable drinking straws in a branded carrier. 

The best way to figure out what kind of promotional products will fit your brand is to evaluate your industry as well as your price points, since a local non-profit might give away pens, but an apartment complex might offer up attractive branded coffee mugs or cotton totes. As with anything else, you need to know your audience – and that leads to our next point.

Identify Market Targets

One of the advantages of coupons is that they’re an easy way to reach a broad audience, but for a lasting impact most brands need to identify a narrow target market and focus their efforts there. That means undertaking in-depth market research, surveying existing customers, and studying your competitors in order to determine who your primary audience is. 

Once you know who your business serves, you’ll be better able to meet their needs and hone your marketing efforts. Though the initial research can be costly, it will more than pay for itself, since loyal customers are at the heart of your income stream. You need to reach those customers – and those who have the potential to join that group – where they live, and that starts with knowing who they are and what marketing channels they’re tuned into, whether that’s direct mailings, social media, or another referral network.

Create Brand Partnerships

As you develop a clearer sense of who your audience is, you’ll also uncover a lot of other valuable information, such as what other products these customers are likely to use – and you should leverage this information to create high-value partnerships. Collaborate with other brands to offer customers a deal when they purchase from both brands or trade advertising with each other. 

When it comes to creating brand partnerships, it’s even better if you can partner with your clients. This might mean pairing up with another company to co-promote each other’s products, but businesses can also rebrand these partnerships as brand affiliations or ambassadorships. Brand ambassadors are individual customers who promote your products in exchange for an ongoing discount, and they represent a powerful consumer voice and can help brands reach niche user communities. 

One of the main advantages of building brand partnerships is that they’re among the least likely to cut into your profits. Rather, they’re a chance to either trade services or to expand what customers view as “your” offerings. For example, if you’re a property owner trying to keep your net effective rent numbers high, you have to choose your concessions carefully, and the right partnership can help you do that. Rather than offering rent abatement to appeal to tenants, a free or discounted gym membership with a partner business can entice potential renters to finally sign a lease. 

Boost Employee Engagement

If there’s a business that knows how to offer customers a lot of benefits without driving up prices, it’s Costco – yes, the warehouse store – and there are several factors that work in the company’s favor. Not only does the store carry a highly limited number of SKUs, thereby simplifying their inventory management, while also reducing costs by selling memberships and bulk products, but more importantly, the company makes their employees a priority. Why does this matter? It all comes down to customer service.

On the surface, focusing on employees may not seem like a way of offering customers more value for their money, but when you think about this strategy from a customer service perspective, it all makes sense. Costco’s employees are happier than other retail employees because they’re better paid and more likely to have health insurance and that means they have greater job satisfaction. And greater job satisfaction translates to better customer service, which is quite possibly the greatest added value proposition of them all – and one every business should try to include in their business strategy.

New Customers Aren’t Everything

Many businesses approach the issue of added value from two basic perspectives: using promotions to draw in new customers and offering a basic loyalty program to keep existing customers, but it’s worth considering a more comprehensive approach to your existing customers. In fact, focusing on existing customers is one of the most cost-effective things you can do. 

The difference between marketing to new customers and marketing to existing ones can easily be summed up by looking at the numbers. Conversions among new customers are typically 5-20%, while repeat sales targeting existing customers are closer to 60-70%. That means that it costs less to market to existing customers, that these efforts yield substantial benefits on your end, and that businesses can better afford to pass on some savings to existing customers. Your existing customers are your ace in the hole when it comes to sales.

More For Less – Your Recipe For Success

Sales are all about value, no matter what it is you’re selling, and that means your company needs to be creative about what it offers to customers and how those offers support your overall goals. As you build your business’s strategy, then, feel free to try out any or all of these approaches. As you test the waters, you’ll get a clear sense of what appeals to your customers, what’s cost-effective, and what supports your long-term goals. A great many offerings can be construed as adding value to a product or service, depending on the audience, so don’t draw your boundaries too strictly. Thinking outside the box may actually be the most beneficial for your business.