Loyalty Card Programs For Small Business

Loyalty Card Programs For Small Business – Just look in my wallet and you’ll find punch cards for all of my most frequented local businesses – a coffee shop that gives out plastic animals instead of numbers, a delicious tonkotsu broth restaurant, a bookstore. with the widest selection of cookbooks (plus it’s between two delicious cakes).

These small business loyalty programs, like all other loyalty programs, are designed to generate repeat business, retain customers, and ultimately develop a thriving network of brand representatives who will recommend you to their friends, family, and large circles.

Loyalty Card Programs For Small Business

Loyalty Card Programs For Small Business

In most cases, a loyalty program rewards customers for their repeat business and customer behavior, but it can also include rewards for social media shares, referrals, and other acts that demonstrate loyalty.

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Of course, there are costs associated with loyalty programs, including the time and energy required to create them, as well as the rewards themselves. But with smart calculations and due diligence, you can launch a loyalty program at minimal cost and get a high return on investment by retaining customers.

There are several different types of loyalty programs for existing customers, each with their own advantages and disadvantages. When deciding which one is best for your small business, remember that it should work for you and your customers.

In other words, your staff and point-of-sale (POS) system must be able to maintain it properly, and it must be low enough for your customers to use it.

The punch card method is by far the easiest to implement for new and returning customers, as it requires nothing more than a stack of loyalty cards and punches.

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The rewards for this type of customer loyalty program typically include a free product after X purchase (for example, free coffee after 10 coffee purchases) or $X discount after X purchase (for example, $20 off your next purchase after 10 purchases). $20 or more):

This type of loyalty program has some drawbacks. First, the customer must physically carry their card. Second, it is easy to lose cards, discard or simply forget. And finally, this method doesn’t require the customer to provide their email address or phone number, which means you can’t contact them with promotional material.

Like punch cards, these are physical (usually plastic) cards that customers carry around in their wallets to earn rewards over time.

Loyalty Card Programs For Small Business

Using these cards requires your POS system to be synced with whatever rewards platform your business uses and is often used by grocery stores or other large retailers (like Sephora).

Discount And Loyalty Card Concept Vector Illustration Stock Vector Image & Art

Tip: Some membership cards give customers a sense of exclusivity, like the series of Beauty Insider cards. Use them to earn points to redeem for free products and get a free birthday gift.

Like a punch card, this program requires the customer to carry a physical card, but depending on the technology you have, your employees can also just ask for a phone number or email address to open their account, making things easier. for your customers.

This type of loyalty program is often based on the accumulation of points. Once you reach a certain number of points, you will receive the specified amount for your next purchase. In some cases, you can redeem points for “free” items.

This solves the problem of having a physical card, but you may find that people are hesitant to give out their personal information to join. One way around this is to offer discounts or registration points on existing purchases.

Loyalty Programs For Small Businesses

Some companies will use a combination of in-store and online subscriptions, as Body Energy Club did, where they sell products both online and offline:

Most of the time, you’ll see requests to join a loyalty program during checkout, where you’ll be asked to either log in or “Create an account to receive rewards.”

Grocery delivery service Spud maintains customer loyalty with its points system, which allows customers to earn points for every online order.

Loyalty Card Programs For Small Business

If you are a B2B (business to business) or wholesaler, your loyalty program may differ slightly from the one described above. After all, your customers will probably deal with your sales team by phone or email, and they’ll probably be shopping for more than a morning latte.

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B2B loyalty programs open up more opportunities in terms of customer referrals, upselling/cross-selling and brand awareness. For this reason, rewards tend to be larger and more effective for the customer, such as in the form of cash rewards.

Software company Unbounce recently rolled out their version of a loyalty program that rewards customers who refer other customers with a 20% cashback on the new customer’s regular revenue:

Alternatively, you can invite customers to join an exclusive group of elite customers – again, just like Unbounce did with their Expert Program:

If your existing customers are satisfied with your offering and you are financially sound, then a loyalty program is the perfect way to turn your customers into evangelists and attract new customers.

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Don’t know where to start to attract loyal members? Here’s the three-step process for starting a small business loyalty program.

The first thing you need to do when creating a loyalty program is to choose a platform to run your program on. As a small business owner, you probably won’t be able to justify the costs associated with a custom platform. The good news is that there are many popular apps that you can try, including:

Tip: To get an idea of ​​what your customers (and future customers) want (or don’t want) from a loyalty program, consider sending your customers and management a survey.

Loyalty Card Programs For Small Business

A customer relationship management (CRM) tool can help you do this at scale by filtering your contacts by type (fan or customer) and, if connected to an email provider, can also send mass emails to each segment.

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Here’s what it looks like to send one of these emails in Gmail. Check out the blue and green boxes – they’re dynamic and automatically pull your customers’ names from , meaning you can send mass emails… but still personalize them for each person:

Next, you need to determine how customers will receive rewards and what they will consist of. Again, if you lack an understanding of what your customers want, don’t guess – ask them!

Tip: Have you ever heard of MVP? This means a minimum viable product and means building a working prototype in the shortest amount of time with the least amount of effort. When it comes to building a working loyalty program, it can take some time to get it right, so feel free to launch with an MVP and then make improvements based on results and feedback.

So you’ve got loads of customer information, created your loyalty program MVP and are ready to go… now what?

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Before you release this into the wild, you need to plan your promotional strategy. Because if no one knows about your loyalty program, it will definitely not be used and you will spend valuable time and resources creating it.

The following are just a few of the top ways to promote your small business loyalty program to loyal customers:

Launching your customer loyalty program is a big step, but you need to carefully monitor customer data, behavior and progress to determine whether or not it’s been successful.

Loyalty Card Programs For Small Business

Ideally, you should set goals for your loyalty program to track its effectiveness. For example, let’s say you wanted to acquire 10% of your customer base in the first three months. To determine if your customer loyalty program has been successful, you will use the following engagement rate formula:

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According to the Smile.io rewards program, the average loyalty program engagement rate is 23%, so your goal should be to reach (and even exceed) this number in a reasonable amount of time.

Another customer data metric you can track for brand loyalty is the repurchase rate, which can be calculated as follows:

Again, Smile.io reported that “66% of the rewards that were provided by brands were redeemed by their customers,” so this should be a good metric to aim for to ensure a positive customer experience.

By rewarding your best customers with meaningful rewards to build brand loyalty, they will in turn reward you with loyalty, referrals and other activities that bring you real value, such as social media engagement, reviews and referrals.

Cashback, Rewards And Loyalty Program Isometric Concept. Small People Get Cashback On Credit Card. Trendy Flat 3d Isometric Style. Vector Illustration. Royalty Free Svg, Cliparts, Vectors, And Stock Illustration. Image 139079230

If you’re a small business owner wondering if a loyalty program is right for your business, don’t make any assumptions. Your customers will be the best indicator of success, so think, understand their motivations and quickly launch something to satisfy customers.

Send automated and handwritten personal thank you emails and notes to customers with this step-by-step guide on how to thank customers for their business.

You can take steps to protect your business from economic hardship. To learn

Loyalty Card Programs For Small Business

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