Favoritism is a good thing.
If you’re a believer of the Pareto Principle, you too understand that 80% of your business may be derived from 20% of your customers. This means that one in five customers making repeat purchases drive the success (or failure) of your business. Treat them well and keep them coming back for more!
Here’s a few benefits to having repeat customers, and some cost effective (inexpensive/thrifty/cheap) tools you use to help YOUR business establish a kickass Loyalty Program TODAY.
Loyalty programs help drive repeat businesses and more sales.
Source: Are You Overlooking This Simple, Super-Effective Marketing Tactic?
As a business owner and marketer I’ve learned that you’re always looking for new customers to service. But not just ANY customer. In order to maximize your time and efforts, you want to target the RIGHT kind of customer. New customers are good, but repeat customers are GREAT.
When people come back to shop with you, they tend to spend 67 percent more than first-timers, according to research by Bain & Company.
The article referenced above provides some great benefits to establishing a loyalty program. Here’s a summary:
- You’ll increase the frequency of your customers’ visits.
- You’ll increase your transaction size
- Millennials like them
- It’s a great customer service tool
Utilizing a tool such as the Square Loyalty program allows you to sign up customers seamlessly at checkout. As soon as you accept payment and checkout, enter their phone number and Square issues rewards automatically.
You can also reward your customers via text, notifying them when they’ve earned a reward, which reminds them to return to your store.
Lastly, you’re able to synchronize multiple payment types, so if your customer uses different credit cards, debit cards or cash (often times we get mostly cash sales at our WoodyThings.com craft shows) you’re able to link all of the sales to the same phone number.
So how do you get started?
First, sign up for a Square* account. (I recommend using my affiliate link so I may receive a discount on my own processing fees at no cost to you). Then, open up a Square Loyalty digital rewards program. That’s it!
* As a Square user, the link provided above is an affiliate link, and while I wholeheartedly recommend this service based on its own merits, I may receive a discount on my own processing fees based on this referral.