Businesses today are becoming creative when it comes to loyalty programs. Everywhere you look there’s a new way for customers to save money or earn rewards just for shopping at a certain place. Offering great service will give your company a positive reputation. Combine this high level of service with an attractive loyalty program and your business will clearly stand out among your competitors.
The importance of offering loyalty programs has never been higher. With so much competition in the marketplace today, you have to set your business apart from the rest. Research indicates a loyalty program can increase a customer’s lifetime value by more than 30%, which takes into consideration increased spending per visit, increased visits and recovering lost customers. Not convinced yet? Here are some important points to consider about loyalty programs.
Increase The Amount of Repeat Customers
The goal of any business is to have as many repeat customers as possible. Your quality of service may be enough to bring a handful of customers back, but implementing a loyalty program will increase the number significantly. Some payment systems allow customers to insert a rewards card into the terminal to accumulate points or other rewards. Other payment systems will actually track the rewards based on their actual credit card, eliminating the need for a consumer to carry an extra card in their purse or wallet. Regardless, having a program in place where a customer can get a return on their purchases will encourage them to shop at your establishment more often.
Boost Your Sales
Most payment processing companies or merchant service providers will tell you one of the keys to boosting your sales is implementing a loyalty program. Consumers are generally conscious about the money they spend and are always looking for the best deals. However, if the consumer is loyal to a particular brand or company, then they will be willing to spend a little more money on the product if they can earn some of the money back. It doesn’t matter if you’re just setting up your small business merchant account or if you’ve been in the game for a while – consider getting your loyalty program up and running as soon as possible.
Loyalty Programs Won’t Break The Bank
Make no mistake about it, loyalty programs cost money to operate. However, the marketing costs for attracting new customers and retaining them are much more expensive. A loyalty program will help you keep a customer, which is significantly cheaper than finding a new one.
Your customers should benefit from a loyalty program, but why shouldn’t you benefit as a business owner as well? Precision Payment Systems believes your business should also be a part of a loyalty program. As such, we have partnered with vPromos to become the exclusive Louisiana provider of the vLoyalty program, which is available only to Precision Payment System clients. So not only can you take advantage of some great benefits for your company, but you’ll also be able to pass on those benefits to your customers. Click here to learn more about the vLoyalty program, then contact us so we can answer your questions and help get you started!