As many know, a loyal customer base can help form the foundation of a sustainable business. However, keeping customers in a world of increased competition can be challenging. Brand recognition, customer service and a commitment to quality may not be enough as consumers are faced with an array of choices. How do companies protect the customers they have without sacrificing on price? One solution has been the introduction of loyalty programs. Loyalty programs have been instrumental in incentivizing repeat business while creating a win win relationship for both the consumer and business. We’ve compiled a “key three” list on the top ideas to consider when considering your next loyalty program.
The Point Program.
Point programs are a great way to match dollars spent to rewards gained. This is something we’ve even seen in the credit card processing industry. By having set rewards for certain point thresholds, businesses can incentivize a customer’s spend before offering a reward of equal value. It not only creates a symbiotic relationship between the customer and company but helps guarantee that the money coming in justifies the rewards going out.
Give Back Model.
Most people enjoy being a part of something that gives back to the community. A company that can offer the ability for customers to give back with money they are already spending only creates added value. C.E.O. Jeff Brodsly believes in this type of giving as Chosen Payments recently donated $10,000 to Love 146, a nonprofit devoted to fighting child trafficking. You can learn more about what they do here. Though Chosen Payments is in the credit card processing industry here in Los Angeles, it is our belief that helping others spans across business. We pride ourselves in being able to give back to the community through the support of our clients and partners. If you are one of these partners, thank you for helping us support noble causes.
Similar to the point program, a robust tier system increases the quality of rewards a person is able to acquire through aspects like money spent over time or length as a customer. As the latter increases, so do the rewards in a never ending funnel of increased offerings based on the value of the customer’s activities.
As a credit card processor, we are always looking for ways to add value to our customers’ lives. Loyalty programs are an excellent way of accomplishing this. Another is having new ways in which customers can enjoy your product. We’ve recently introduced a new mobile app that will allow our customers to manage credit card processing activities right in the palm of their hand from their cell phone. It’s a revolutionary new endeavor that we are proud to offer. You can read more about this here: https://www.chosenpayments.com/introducing-chosens-brand-new-mobile-app/
Business may be down, but this could provide the perfect opportunity to introduce something special to your customers! From loyalty cards to one of the programs discussed above, there will always be ways to keep and attract new customers.
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