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Finding Benefits in a Small Business Loyalty Program

FINDING BENEFITS OPEN in a SMALL BUSINESS LOYALTY PROGRAM ONE OF THE BEST WAYS TO GRO W YOUR CUSTOMER BASE IS TO REWARD THEM. Not only does a loyalty program provide a practical reason for continuing to buy, but it also provides information about your customers that allows their needs to be met more efficiently and effectively. ACCORDING TO AMERICANS THAT PARTICIPATE IN LOYALTY PROGRAMS... 69% 80% AGREE THAT LOYALTY PROGRAMS ARE WORTH THE EFFORT SAY CHOICE OF RETAILER IS INFLUENCED BY WHERE THEY CAN EARN CUSTOMER LOYALTY/REWARDS PROGRAM POINTS 3217821 706 349 298 8. 10 70% REWARDS PROGRAM FEEL LOYALTY PROGRAMS ARE PART OF THEIR RELATIONSHIP OF SMALL BUSINESS OWNERS SAID THAT WITH A COMPANY 87% LOYAL CUSTOMERS WERE THE MAIN WAY THEY GROW THEIR BUSINESS LOYALTY PROGRAMS CAN INCREASE A BRAND'S MARKET SHARE BY 20% AND INCREASE CUSTOMER ACQUISITION BY 10%. CUSTOMER RETENTION WHY REWARD CUSTOMERS? 10% With a saturated market, sometimes a simple reward from a OFF particular retailer is enough to influence purchase behavior. WHEN DONE RIGHT, THESE REPEAT VISITS BY CUSTOMER RESULT IN MORE REVENUE PER CUSTOMER OVER TIME. FIVE YEARS, a firm with a 70% RETU ING CUSTOMERS spend IT COSTS A BUSINES 6-7 TI customer retention rate will have lost on average 67% more than to acquire a new customer than two to three times as many customers first-time customers. retain an existing one. as a firm with a 90% retention rate. ADDITIONAL BENEFITS ALONG WITH CUSTOMER RETENTION, MERCHANTS THAT EMPLOY LOYALTY PROGRAMS ALSO HAVE THE ABILITY TO LEVERAGE ADDITIONAL BENEFITS INCLUDING: NOW ONLY DETERMINING PRICES $45.99 MANAGING INVENTORY GATHERING $45.99 INFORMATION CREATING BRAND ADVOCATES LOW-COST MARKETING SETTING UP A LOYALTY PROGRAM PROGRAM IDEAS MEMBERSHIP CARDS AND CLUB-STYLE REWARDS. Create a real or virtual membership card REWARDS that customers can use to track their purchases and work their way up to a discount. PROGRAM Track member purchases and advertised deals only to those who are in the club. CHOOSE FAVORITES. Limit participation to those customers who spend the most, you could consider offering luxury membership invitations to a select few. Consumers are very PLATINUM MEM GOLD MEMBERSHIP influenced by terminology and perceptions of their importance relative to others. Status levels such as "platinum" or "gold" carry significant weight. EMAIL BLASTS. Set up an email newsletter to communicate with loyalty program members so they feel like they're part of an elite group. Fill emails with useful content, descriptions of new products and special offers. GIFT CARDS. Great way to attract new customers, increase brand awareness therefore boosting profits. Research shows people tend to reach for higher priced items when they are shopping with a gift card, overspending the value of the gift card. 10% IN-STORE DISCOUNTS. Place limits on your program - such as an expiration date - to OFF encourage people to shop sooner rather than later. Try offering a 10 percent-off coupon for every $100 customers spend in a single order. REWARDS FOR PAYING UPFRONT. Offer your customers the chance for special add-on services or discounts for paying the entire service upfront. This helps control cash flow. GRACIAS, MERCI, DANKE, XIEXIE! Thank you goes a long way! One of the easiest, yet most THANK YOU!20 OFF often overlooked ways of rewarding customers is saying thank you. Do this by offering discounts or freebies or a simple card of appreciation. LEVERAGING SOCIAL MEDIA INTERACTIONS ONLINE ARE THE FUTURE OF LOYALTY REWARDS. 84% 75% OF CONSUMERS SAID THEY'RE MORE 20% OF CONSUMERS WOULD SWITCH OFF LIKELY TO VISIT THE WEBSITE OF A BRANDS IF PROMOTIONS WERE RETAILER WITH A LOYALTY PROGRAM DELIVERED TO THEIR SMARTPHONES 1. MAKE IT A GAME - Foursquare and GetGlue use "check-in" applications allowing users to compete for stickers, badges, pins, medals, stamps and even trophies. 2. DIGITAL DISCOUNTS - Daily Deals and Discount Websites have fostered a consumer base SAVE $120 accustomed to online coupons and offers. Developing your digital marketing channels can pay long term dividends for proactive merchants. 3. ASK FOR FEEDBACK - Set up online surveys or forums, on platforms like GetSatisfaction or UserVoice, for customers to make suggestions or vote for new company developments. Customers feel important as the business is driven by their desires. WHAT YOUR CUSTOMERS WANT WHAT CONSUMERS SEE AS IMPORTANT IN A LOYALTY PROGRAM: EASE OF MONETARY EXCLUSIVE DEALS EASY REWARDS REWARDS & COUPONS ENROLLMENT 55% 51% 36% 22% TO LEARN MORE ABOUT THE BENEFITS OF GIFT CARDS AND LOYALTY PROGRAMS, VISIT MERCHANTWAREHOUSE.COM Merchant Warehouse SOURCES a-Customer-Loyalty-Program.jsp 10% OFF

Finding Benefits in a Small Business Loyalty Program

shared by merchantwarehouse on Apr 08
If your small business has not yet considered introducing a customer loyalty program, now may be the time to start developing one. "Finding Benefits in a Small Business Loyalty Program" is the latest...


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