Does your POS include a customer loyalty program?
Loyalty Programs have become a key tool in a context of increased competition between retailers offering customers the best savings if they make multiple purchases from their brand. They are part of the customer relationship and stimulate sales. These programs are not just based around big brands or large retailers, small and medium-sized businesses can also provide benefits to their customers by leveraging this technology without having to pay excessive amounts to set up a loyalty program. In addition, loyalty programs are now customizable and do not just apply to purchases. As an example, it is possible for your customers to earn loyalty points when they post photos on social media or receive bonus points on their birthday.
According to a study, the acquisition of new customers would cost at least 5 times more than the retention of existing customers and this can even double dependent on your sector of activity! Setting up a loyalty program rewarding your best customers, combined with a Clienteling approach can make all the difference! Customers who feel valued will come back more often to shop in your store or website. Customers who feel valued by the retailer will also speak about your brand with friends and family, and we all know “word of mouth” is the best form of marketing.
Types of loyalty program
One advantage of Yourcegid Retail is a personalizable loyalty program built in to the point of sale and linked to the CRM. With the advanced features of Yourcegid Retail software this will allow each company to create its own program based on its specific needs.
Here are some examples of programs:
- Cumulative point programs – this is the most common type of program. For example, it may be worth one point per dollar spent, and 10 points = 1 dollar able to redeem
- Cumulative dollar programs – Another common program, for every dollar spent, accumulate 10 cents for example usable after a certain amount is reached. Giving the customer an incentive to purchase more until they hit the tier level where they can redeem their “cash”
- Cashback programs – reward by the discount or voucher
- Exclusivity programs – the more the customer spends, the more he or she has access to exclusive offers such as “buy 2, get 1 free”, exclusive sales and event notifications
- Programs coupled to social networks – with sharing system
- Loyalty programs on mobile applications – download an application dedicated to loyalty
Creating your loyalty program
When creating your loyalty program, keep your goals in mind. Do not forget to set the rules, the reward currency or how you will communicate the new loyalty program not only to your customers (during a purchase, newsletter, social medias, etc.) but also to your sales team. They will have to provide clear information to customers during their checkout.
Creating a pilot program with some of your customers is a good way to measure the interest and will allow you to adjust your loyalty program if necessary before promoting it. Once operational, you will see that the data collected will be valuable for your marketing strategy.
Your point-of-sale system can generate reports with invaluable data to analyze. Also, consider comparing member spending against non-member spending in terms of sales, basket size, frequency of purchase and total transactions.
Would you like to know more? Contact one of our experts now.
Techni-Connection is a reseller of 3 POS softwares in Canada (Yourcegid Retail, VisualTouch, Retail Management Hero), addressing today’s evolutions and needs. New features are constantly added to the systems (Clienteling, eCommerce, Click & Collect, SaaS, Mobile-POS) to match omni-channel strategies and personalizing the customers shopping experience.
Techni-Connection delivers cost-effective IT solutions to companies of all sizes. With its 24/7/365 helpdesk support system, TCI responds quickly and efficiently to customers problems and provides on-site support. TCI’s strong in-house technical team is also complimented by a network of 150+ certified IT experts across North America.