Competition in the current market is perhaps the fiercest in history particularly so due to the integration of social media for business and website ranking. Businesses are keen to generate leads on all avenues online.
Unfortunately, most entrepreneurs forget the basics of staying in business, which is;
– Ensure your company is licensed and certified. By registering your small business, your customers and potential investors will take you more seriously. If you have not yet gone through the company formation process, then you should talk to an expert like Quality company formation. Find out more on their website.
– Do not over look the small things. Businesses often times are fast paced such that we forget small details like promptly replying to emails or voice mails, scheduling reminders to follow up on a call or show up on a meeting, all simply following through after making a commitment to someone. Staying accountable in business helps build stronger ties, trust and long term relationships.
– Value your repeat customers and keep them happy as they hold the key to the growth of your business. One way of achieving this is by using loyalty cards which you can award to your repeat customers and ultimately build a strong client list.
Loyalty cards provide an excellent marketing strategy that leverages discounts and rebates in maintaining an enthusiastic and actionable customer base as well as attract other shoppers to your business.
According to Expedia Affiliate Network, 61% of consumers say they use discounts and coupons when making new purchases while Inmar reports that 82% of consumers who use digital coupons when shopping redeem offers within the first week while 30% use it within the first 24 hours.
Customers that are already enthusiastic about your brand will likely continue to purchase from you and are more important in growing your business long term than newer customers.
However, before you go ahead to implementing a loyalty card program, it is only right you understand how this works and what you should do to ensure its success as a marketing strategy.
How Loyalty Cards Work
Loyalty cards help businesses to capture data of their customers such as name address and shopping patterns. By knowing such details, you can provide better services, introduce new products in the market and offer value to your customers.
When one subscribes to this program, they earn points whenever they purchase from your store. Mostly one point equals one dollar spent.
When the points meet a certain threshold, they can be converted to vouchers that offer discounts on products/services or guarantees a gift.
Things to Consider When Running a Loyalty Program
Thing about long term gains
One important thing that you should know is that loyalty card programs are meant to be carried out on a long-term basis. It might take a business up to 18 months to thoroughly enjoy the benefits of this strategy, and this is the reason why you need to plan carefully, design and buy loyalty cards that will last the while and leave an impression.
Use data effectively
When designing a loyalty card ensure that all the relevant details like name, physical address, telephone number and email address are included on the card. Also, add your business details such as the customer care phone line, sales email address, website URL and any other relevant information.
Once you’ve designed your card and have it printed, you can announce it to your customers and ask them to sign up for the program. A smart way to ensure that you get all the willing participants is by introducing them to the program as they check out from the store. Make sure to highlight all the benefit and features that they will be getting from the program.
More importantly, you should note that running a loyalty program can be costly. Sometime, you may have to invest as much as 5% of sales while running the campaign. Therefore, ensure that your loyalty cards are easily accessible, reach the right customers and are relevant to today’s digital trends.
In conclusion, as you put more effort in marketing your business do not forget the clientele you already have as they keep your business a float. Take your first step in implementing a smart loyalty program for your business today by designing one online.