Don’t underestimate the value of loyal customers in your business. Lose a customer? You’ll likely need to find three new customers to fill the void they leave in your sales. Ouch!
That’s where a customer loyalty program can make all the difference. It provides you with the opportunity to reward and retain your loyal customers while also incentivising new customers who shop with you. In a tough economic climate where your customers are reconsidering every dollar they spend, loyalty rewards can make all the difference in where they choose to shop.
The bonus news? Businesses with happier customers tend to see higher revenue growth. Read on for everything you need to know about how to implement a customer loyalty program that keeps your customers – and your profits – happy.
A customer loyalty program is a way to reward your repeat customers. The more they shop with you, the bigger the rewards. And not just for them.
How this looks in reality will depend very much on your business. The incentives in your customer loyalty program could be anything from discount rewards to free products or access to exclusive sales.
What you need to know is that it doesn’t need to cost a lot of money to implement a successful customer loyalty program. A small investment can have a big impact and deliver real bang for your buck.
With Smartpay Zero CostTM EFTPOS, you can save an average of $6,800 on EFTPOS bills each year. Many of our customers pass these savings on to their customers through a loyalty program. Like Sophie’s Beauty Room, which is using its newfound savings to look after its loyal customers.
“We’re using the savings to pay for our new loyalty program, so our customers still benefit.”
– Michael, owner of Sophie’s Beauty Room
At the end of the day, this is about engaging with your existing customers to build stronger relationships that lead to more sales. It’s one way you can gain a valuable advantage to ensure customers choose to shop with you over your competition.
If you’re going to introduce a customer loyalty program, there are some simple tips to follow to make sure it’s an effective one.
Whatever you do, make your loyalty program meaningful to your customers. Today’s consumers are savvy. They know what’s what and have high expectations from the businesses they shop with.
There’s no shortage of loyalty programs in the market. What will make yours different?
To make your program stand out, you need to offer something of real value to your customers. It needs to be something significant as a point of differentiation.
Use all that data you capture when your customers shop with you to personalise your loyalty program. Offer a birthday reward if they share their birthday with you. Send them special offers for their favourite products. Tailor your communications based on their previous purchases. Your customers will appreciate the personal touches.
Also, don’t be afraid to ask your customers what they value most and tailor your loyalty program to that. This is one surefire way to make your program meaningful.
If you don’t tell your customers about your loyalty program, how will they know it exists? Display signs, post on social media and make sure your staff are trained on how the program works and to ask customers if they’re interested in joining at point of sale.
When you do tell your customers about the program, be sure to discuss what’s in it for them.
One of the biggest mistakes you can make when creating a customer loyalty program is to reward only big-ticket purchases. Don’t forget that small regular purchases can add up very quickly.
Reward the big and small transactions to foster even greater loyalty. It may feel like a slow burn to start with but you’re laying the foundations for solid relationships with your most loyal customers.
Even the best loyalty program is no replacement for good customer service.
Customers are much more likely to stay loyal if they feel that you care about them as a customer, not just their money. Take them on a journey from the moment they walk into the store or land on your website, all the way through to taking payment.
The loyalty program is the icing on the cake of an incredible customer experience.
At Smartpay, our loyalty program rewards businesses for referring their friends to us. Learn more about our Smartpay Ambassador program and how to join.
Save More To Give More
When you save with Smartpay Zero Cost™ EFTPOS, you can put that money to good use to grow your profits even more. Get in touch with the team to chat about our plug-and-play solution that makes payments a breeze.
or Contact Sales on 1800 574 999
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