A loyalty program is mutually beneficial – customers feel valued and get a discount on your product/service, while you increase your sales and customer base. A well-marketed loyalty program can produce dramatic results in a short period.
Loyalty programs are essential because it’s much easier to market to current customers than it is to acquire new customers. Statistics have demonstrated that you have a significantly better chance of selling something to existing customers than to a prospective customer. Plus, the cost of acquiring a new customer can be as much as 7 times more than retaining an existing one. Still not convinced? A repeat customer can spend up to 67% more than a fresh one. These statistics really bring to light the importance of a loyalty card program.
If you’re still unsure whether a printed loyalty card scheme could benefit your organisation, read on to see just some of the benefits.
1. Customer Retention:
Garnering new customers is great, but the cornerstone of any successful business is repeat customers. And what better way to ensure your customers keep coming back than offering them a reward to do so. A printed loyalty card is a simple, cost-effective way to ensure your customers return time and time again. Repeat customers spend more, are more likely to recommend your business and can give you a valuable insight into what people want from the company in your niche. 2. Increase Sales
People love a great deal. A loyalty card system encourages customers to return to your business more frequently to take advantage of special offers or discounts. The growth is linear as the more money the customer spends the more concessions they receive and this, of course, results in more money for you.For a small business, competing against the bigger, established powerhouses can be tough. But a good loyalty program can be a great way to show your personal side and remain competitive in your niche.
3. Improve Customer Satisfaction
A happy customer is a loyal customer. The very premise of a for-profit company is to attract and to retain satisfied customers who will thicken your revenue streamA loyalty card system can really boost customer satisfaction. Rewards can be tailored to suit your target markets persona; this helps you to track spending habits and gain valuable insight into customers spending trends. And, of course, it allows customers by giving them exactly what they want.
4. Product awareness
One of the most important reasons for the introduction of a loyalty card system is that it will give you a valuable insight into what it is your customers want from your business. This allows you to prioritise your stock accordingly allowing you to reduce costs.It’s also an excellent method for testing new products as you can offer something to your customers for free to gauge their reaction and gather their opinions.
5. Know your customer
By introducing a loyalty card scheme to your business, you will be able to keep a record of what your customers purchase, and you can analyse their habits. From this valuable information, you can then adjust your marketing to capitalise on this trend and adapt your loyalty offers to suit your customers.When it comes to design, a beautiful loyalty card can be a great way to garner a little extra attention to your business. A well-designed card can catch the attention of friends and colleagues of your customers and get your store some free publicity. Most plastic card providers such as CardLogic offer a full design service for those who don’t already have a design in mind. This is a crucial part of the process as a well thought out printed card with the right colours, graphics and text can make all the difference.
