In the current economic climate, many businesses are doing all that they can to try and attract new customers and retain existing customers by offering good deals on their products and promotions right across the board. One way that has really emerged in being a very cost-effective promotional tool in the last few years is the introduction of a store card, and this is a great way to offer consumers good deals, while still encouraging them to shop at your store.
Store cards give a business the ability to offer in-house promotions to cardholders. This encourages shoppers to sign up for store cards to collect “reward points” and therefore it encourages them to continue shopping at a given store to eventually earn cash back off their spend or even participate in special one-off promotions. In turn this is appealing to customers who are looking to save every penny that they can in a tough economic environment.
What is a store card?
A store card is another word for a membership card which basically gives you membership to a certain store (usually a supermarket or large department store) and in turn this entitles you to member-only benefits and special deals from time to time. Many large department stores run a program through their store cards where you can accrue points each time you spend money and over a period of time this allows you to redeem these points for cash back or even free items from the store.
What are some key benefits that a store card can bring to my business?
Store cards are incredibly appealing to customers in a time where many people are struggling financially, and some key benefits that store cards can bring include:
- Cheaper products and special sales for customers
- The ability to increase customer retention
- The ability to encourage customers not to shop with a competitor
- The ability to offer your customers a reward scheme which encourages them to spend
- The ability to keep a record of your customers which not only allows you to send promotional material, but also to have a good idea of your target audience.