Customer loyalty programs are smart, innovative ways to increase revenue and create repeat business. These easy to implement programs not only create loyal, happy customers they give you a method to reach out to those customers with specials and new products. Also, 69% of consumers say they make their shopping decisions based on their loyalty programs or lack thereof. Studies also reveal that although finding new customers is crucial for a thriving company, it is far less expensive and better to maintain your current customers.
Loyal customers advertise for you
Loyalty programs are not a new concept, however, they can be very versatile. They can be in the form of an app, an email, or a simple letter in the mail. Having an app on their phone offers your customers a convenient shopping experience, and increases company awareness for potential customers. Appreciating your customers will draw them to your company, as well as maintain their interest. On average, a loyal customer can be worth up to ten times as much as their first purchase with your company. Personalized loyalty programs are very appealing to customers, such as a customized email with their name.
There are many ways to use loyalty programs. Most companies use points by tracking purchases. Companies such as Starbucks and Tarte use this method. For every purchase customers make, the business gives them the value spent in points. Customers save their points and redeem rewards or discounts exclusive to the company’s loyalty program. Some programs even encourage customers to positively review or share their products on social media in return for additional points. Turning their customers into advertisers for the business.
Easy to implement and inexpensive
In addition, loyalty programs are not expensive and can be set up a few different ways; using a POS or terminal to capture customer data and track purchases or a simple app customers can download on their phones. Decide which method you prefer, choose your reward and watch your profits grow. Most programs will track and reward your customer and the newer loyalty systems may even text or email you to notify you of the reward with beacon technology. Many systems just keep track of benefits and work only when a customer asks to use their card.
The small amount invested will be worth it when your profit increases. On average, companies will spend up to eleven times more on finding new customers than maintaining the ones they already have. Reaching out to your current customers is simple once you have the data. Also, sharing on social media has never been easier.
As technology continues to advance, so do company reward programs. It’s always a good idea to revisit your existing program and keep up with current trends to maximize company profits and maintain your customer loyalty. Whether in the form of an app, an email, or a letter, customer appreciation stretches far. Loyalty and customer reward programs are extremely efficient in inspiring customer loyalty and maximizing profits. If you do not have a program in place it’s time you looked into one.
A holistic workplace offers benefits to employers and employees and creates a thriving business environment. Businesses who recognize an employee’s mental well-being create a better work environment and tend to retain valuable employees. Research conducted at the O.C. Tanner Institute suggests six essential elements of a great workplace. Purpose, opportunity, success, appreciation, well-being, and leadership. These elements are shown to improve the attitude and motivation of employees and employers. Savvy business owners are taking steps to create an environment that makes employees want to work and perform well. Companies such as Starbucks recognize this and offer additional benefits such as backup child or elder care.
The Staggering costs of Illness in the workplace
Even smaller businesses, restaurants and retailers are providing employees with emotional and physical support by offering flexible scheduling, group fitness, financial education, and even drug rehabilitation. Holistic programs are especially important in protecting the health of employees. 1 in 3 adults are affected by behaviorally linked health issues, and illnesses cost companies approximately $530 billion every single year. It’s essential to make your employees feel appreciated to maintain a healthy work environment.
What can you do today to make a difference?
- Treat your staff to an impromptu lunch or coffee break
- Give a Gift Card or Gift Certificate for outstanding performance
- Collaborate with your staff on important projects
Simple acts of kindness can motivate your employees to work hard and be productive. Having birthday or holiday parties can make your employees feel respected and build a healthy workplace dynamic. Recognizing the individuality of your employees is essential for you, your employees and your customers. Remember, your employees are the lifeblood of your business and it’s always the little things that make a difference and set you apart from your competition.
Holistic Employee Benefit Plans Offer Long-term Value
In 2015 the PCI SSC created the Small Merchant Taskforce, a cross-industry consortium of payment
security experts, merchant groups and small merchant advocates, to create educational material and
suggested next steps to assess risk within a small business environment. The Taskforce drew from
their collective payment security and small merchant expertise to create PCI Data Security Essential
Resources for Small Merchants, a series of resources to help small merchants focus on essential
payment data security practices needed to protect payment data and reduce risk in their business
As part of that series, PCI SSC created PCI Firewall Basics, a one-page infographic providing
guidance on firewall configuration basics.
The average consumer is spending $59 more than the original value of their Gift Card, up $21 from 2017, according to the 2018 Prepaid Consumer Insights Study released by First Data (NYSE: FDC) Despite the set value on a gift card, 72% of customers report spending more than the given amount on their card.
Offering gift cards allows a company to attract new customers, increase brand awareness, improve sales, and reduce fraud. Total retail sales in the United States were projected to amount to 6.03 trillion U.S. dollars in 2022, up from around 5.4 trillion U.S. dollars in 2018. Often, businesses overlook the benefits of integrating gift cards into their companies.
Attracting New Customers
Gift cards are incredibly useful in attracting new customers. They continue to be the number one gift given, therefore introducing new customers to your business. Also, these Gift Cards serve as an incentive to purchase something your customer may not typically seek out.
Increasing Brand Awareness
Providing customers with Gift Cards increases your brand awareness, as well. As gift cards are purchased and given to others for holiday or birthdays, your brand will be introduced to a new audience. 93% of consumers will either buy or receive a gift card; also they are the #1 most requested present during holidays.
Marketing Your Company
Customizing your Gift Card serves as a self-marketing tool. Your logo is displayed in your customer’s wallet and viewed often. Not only will this prompt customers to revisit your store, but it will also hopefully turn them into loyal repeat customers.
By offering Gift Cards to customers, as opposed to paper certificates, you will also be reducing your risk of fraud. Tracking certificates is difficult, and with Gift Card integrations to the new POS Systems, it is now a simple process to monitor. Using a POS System will deter internal theft and quite possibly reduce the likelihood of counterfeit certificates being produced by fraudsters. Gift cards electronically monitored with a POS system allows the merchant to verify the initial transaction. This is also a great way to deal with returns by getting your customer to come back to purchase another product.
With these exploding numbers in the Gift Card industry, what are you going to do to capture your share of this market? We can help uplift your sales today!
Your business security depends on the information that you retain and how you monitor your everyday transactions. There are many ways to do this both with internal measures and technology with the new Point of Sale Systems available today.
Too many times, you (the business owner) are left in the dark as fraud and theft happens right under your nose. Thieves are getting more experienced every day with the various tools they have to violate your business and thus rob you of what you’ve earned. The steps to prevent this are many but vary according to your business type. One of the most common areas of concern, unfortunately, is from your employees.
One suggestion is to find out the what, the where, and the when. What are your current and future employees skills, where have they worked, and when did they work there? A detailed background report is easy to get and inexpensive compared to the potential financial loss.
Another method of prevention is employee training, which can and should include process training and data security procedures. Many times we are so familiar with the processes ourselves that we forget or skim over them when training a new employee. To solve this, have a written “New Employee” checklist and USE IT. Also, use the security awareness policy & training available in your PCI Portal.
Do you receive Email or Text alerts from your POS when specific events happen in your store?
- A payment, refund, tip, or discount exceeds a specified amount
- An item or an entire order is deleted, the alert message will indicate whether it’s a PRINTED item/order
- An online (or any other type of) order is paid
- A custom item is added to an order
- The quantity available for an item falls below a specified threshold. (Stock app required)
- An item has expired or is expiring soon (Stock app required)
- Cash in the drawer exceeds a specified amount (Cash Track app required)
- Partial payment is made
- Cash is removed from the drawer
- The cash drawer is opened without a transaction
- An item is deleted from Inventory
- An order stays open too long
Now Available with the Ping Me If app from Clover. It is integrated with all your information in your Clover System.
Prices available on request.
NEVER UNDERESTIMATE THE POWER OF A WOMAN
You may be stunned to learn just how much women’s economic power has increased in recent years. Their impact on the consumer economy and influence in decision-making has elevated them to account for 85% of all consumer purchases. Understanding the factors leading to related statistics and how to appeal to this gender is critical to capture their business.
Factors leading to this rise in power are:
- Women earn the majority of bachelor’s degrees (57%), master’s degrees (60%) and doctoral degrees (51%).
- Seventy percent of women with children under 18 are working at jobs and at home and 74.9% of women are the primary shoppers for the household.
- Women control 60%+ of all personal wealth in the U.S.
- Women are responsible for the purchase of over 61% of traditional male products, such as automobiles, home improvement products, and consumer electronics.
- Nearly 40% of U.S. working women earn more than their husbands.
This powerful force will continue to develop and dominate the marketplace for generations to come. Businesses must educate themselves on how to approach women and meet their purchasing needs. Research indicates “91% of women feel that advertisers don’t understand them.”
(For more Statistics on the Purchasing Power of Women, including Millennials, Gen-X women, Empty Nesters, and Boomer Women, see https://girlpowermarketing.com/statistics-purchasing-power-women/.)
How to appeal to this group:
Because women are sandwiched between raising children, working, caring for the home and caregiving for their elderly, their time is limited. Customer service and convenience are paramount to a good relationship and a satisfied shopper.
Training your sales and customer service staff to create a pleasant customer experience and recognize the importance of appealing to this shopper’s buying needs will help to increase sales and develop a repeat customer. To fail to acknowledge their presence or significance in the decision-making process will be a definite detriment to the ultimate sale of your product or service.
(www.forbes.com,2016/12/32, www.forbes.com, 2017/01/31)
More than 11 million businesses are owned by women who employ over 9 million people. Of that, 5.4 million firms are majority-owned by women of color employing over 2 million people.
Make your business run smoothly with online purchasing options, electronic billing, customer financing, and an efficient Point of Sale System. If these options are not available with your current vendor, call us for a free consultation at 866-207-3298 or go to www.cardsystems.com