As a business owner one of the things that you really want to be able to do is to bring customers to your business that are likely to come back and purchase multiple times. This is because the more times that a single customer purchases from your business the lower the customer of acquisition is in comparison for this customer.
One way that you can create these customers that love to come back and purchase from your business multiple times, is through loyalty programs. What a loyalty program basically is, giving your customers a consistent benefit from shopping with your business. This can be offered in multiple different ways such as.
- Discount card – You can offer a VIP discount card which gives your valued customers a discount every time they shop.
- Reward Vouchers – Similar to the discount voucher, however it can be setup so that a certain number of purchases need to be made, and then a voucher is the reward, either for a pre-determined amount or for a percentage average of the purchases made.
- Benefit Card – Rather then actual discounts or vouchers, you can offer a card that gives free upgrades(e.g free upgrade to large from medium). Or maybe buy three get the fourth for free.
When it comes to loyalty programs there are a lot of different options, and the level that you offer in the program will depend really on what it is worth to you for customers to come back as repeat customers. Another consideration will be how often customers are likely to return, in comparison to what the program offers. So take a look at your business and see if you can fit a loyalty program into your business.