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.
Here we are at the end of December and all we have been talking about since August is EMV (European Master Card and Visa). The news has been chocked full of situations where credit cards are still being skimmed and fraudulently used. Here is an NBC2 News Report where a local Cape Coral woman watched her email and text alerts as her Pay Pal Debit card was racking up transactions at a Toys R Us, Best Buy and local merchants. There wasn’t a thing she could do about it. Crooks aren’t stupid. They pounce and prey when they know the time is right. In this case it was Christmas, so she was unable to stop these fraudulent charges. It’s a shame this woman had to spend her Christmas worrying about these transactions. Fortunately she heard back from Pay Pal and will not be responsible for these charges.
Who will be responsible? The merchants in Lee County without a chip reader will bear the loss here. What a perfect time to upgrade and protect your business and clients. Also, help your year-end tax bill with your Section 179 expenditure.
This white collar crime is on the rise and it’s more profitable and less risky than dealing drugs. We encourage not only our customers but all merchants to process their transactions securely on an EMV terminal. Don’t let your business or your customers suffer. It’s no way to bring in the New Year.
Call us today at (239) 549-5055.
I’m realizing that merchants are not taking EMV aka European Master Card and Visa very seriously. CSI along with our sister company eGuarded, had the pleasure of displaying our wares at the Tampa Boat Show this past weekend. I determined in conversations with merchants that they really don’t care and are not the least bit concerned about the impact EMV can have on their business. Paddleboard, Jelly, Coolie, and Retail Clothing vendors at this show all think that these systems the Square, Pay Pal, and Intuit meet their needs just fine. GUESS WHAT, this is a whole new ball game!
EMV needs to be understood more clearly. Merchants are delusional to think that since they haven’t received charge backs before they won’t see any now. Here’s an example of an EMV repercussion: Say a customer purchases goods and/or services from your establishment that’s just swiping pin and chip cards, those customers can easily say, “That wasn’t me who made that purchase.” The bank is then going to pass that charge back through you (the merchant) by taking back those funds immediately and asking questions later. Can your business survive?
Each vendor I spoke with said they are supposed to have a chip reader by the end of the year. I said, “Really? You’re going to go through the busiest shopping season of the year and put your business at risk?” Maybe the Jelly and Coolie vendor won’t take that big a hit because their average ticket is lower, but what about the Paddleboard vendor who’s selling $1500.00 Paddleboards? We all know businesses never have any fraud over the Holidays.
I encourage you to think twice. Protect your business investment. The ROI on an EMV system like the Clover™ Mobile would pay for itself in a heartbeat. Whether you contact us or your current processor demand that your business be protected with EMV supported devices immediately. Don’t be Penny Wise and Dollar Foolish?