The Value of Rewards Programs for Small Businesses
The business marketplace is becoming increasingly competitive, and fostering customer loyalty is essential if you want to support the growth of your businesses. Whether you run a restaurant, a coffee shop, or even a grocery store, you will need to invest in a loyalty program in order to keep people coming back to you instead of your competitors.
It’s a well-known fact that regular customers tend to spend more money per visit, and that they’re more likely to accept up-selling or cross promotions. So, fostering loyalty is more cost effective than trying to bring in new customers time and time again.
There are a few ways that you could run a loyalty program – you can print cards and use stamps – but there is the risk of fraud with that. Alternatively, you can use a rewards app – this is a much better way in the long term, because it doesn’t just help you to build loyalty, it makes it easier to track the performance of the scheme – giving you information about each customer, how often they come to the store, when, and what they buy.
You can even offer rewards to new customers, or rewards for people who do specific things – coming back in a certain period, or spending a certain amount of money, for example.
Rewards apps can track things like when it’s someone’s birthday – and offer them discounts, rewards or incentives for shopping at that time. They can also offer incentives to people who have shopped on the online version of your store, to get them to call in to the bricks and mortar store.
You don’t need to get a bespoke app developed – although if you are willing to invest in that, the returns can be impressive because it’s good brand building. There are a number of customizable rewards apps out there that make it easy for even smaller retailers to roll out a rewards app without spending a lot of time and money. These apps are inexpensive, and can scale as your company grows.
Apps such as Belly and Spring Rewards can be used for regular re-marketing and incentives, and will help you to keep your brand in front of customers in the long term, so that they don’t just fade away. If you give something back to your customers they will be loyal to you.