With the state of the current economic climate, an increasing amount of businesses are struggling to stay afloat so as a result they are coming up with new ideas of how to become successful. One of the best ways of attracting new customers and increasing revenue is to introduce a loyalty card programme which effectively encourages them to shop with you. It’s not always easy to attract new customers, but by introducing loyalty cards for your customers you are able to do so and for an inexpensive fee too.
There are a number of reasons for introducing a loyalty card system into your business, with three major benefits including:
- 1. Retain and acquire new customers
When it comes to introducing a loyalty card system to your business you are effectively looking for a way to keep your customers loyal, as well as attracting new ones – both of which will be looking to spend their money with you. If you market it correctly, your existing customers will most likely speak positively about you to people in their circles and therefore help you gain new ones.
- 2. Enhance sales and revenue
Depending on what you offer your customers; whether it’s discounted items, access to unique products or rewards for shopping with you, you are helping to encourage them to spend more money with you and therefore increase sales. It is effectively a win/win situation for both you and your customers, because they will be happy to get discount and want to continue shopping with you, while your business will boost sales and still make a profit on discounted items.
- 3. Product awareness
One of the best reasons for introducing a loyalty card system to your business is that you can introduce customers to certain products and therefore raise awareness for when they are on sale or in demand. As well as this, you can also monitor what they purchase too and what isn’t selling, meaning that you can further understand what your customers want and prioritise your stock accordingly. If for instance you have stock which you need to get rid of, you can then use the loyalty system to introduce it to customers for a discounted price and test how well it does – if it’s good you could then sell it to more.