Developing Great Loyalty Programs

POS101With the purchase of a new advanced POS system, like a full Verifone POS terminal, you can gain access to a whole range of new features and data about your customers. But, for some this information gets lost and never applied to anything more than general bookkeeping. That’s a shame, because using the information your POS system and its software tracks to your advantage, like creating great loyalty programs that reward you most valuable customers, is an excellent way to bring people back into the store and encourage others to give your establishment a try. Here are some of the most effective methods for implementing a loyalty program at your business.

Buy “X” Get “Y”

It’s a proven method as a loyalty program, most often seen as the “Buy One Get One sale”. But there’s no reason you can’t expand the idea using your POS system. Create real or digital punch cards like you might see in coffee houses or donut shops if you have an item that customers will purchase multiple times throughout a certain period. For every third item they buy, offer one or at a discount. This is also a great time to comb through your sales and volumes to determine how often people are buying a specific item, or returning for it. Giving them a little encouragement to return to you instead of anyone else will help build relationships and ensure repeat business.

Tier Structures

If you want to take the concept of tracking your most valued customers and their habits a little bit further than offering them discounts or rewards on specific items, you can implement a tier system that affects the customer rather than the product. You can easily do this by creating a rewards program or a special status for the customers who come in the most often. Giving your most frequent customers cards that give them extra discounts or open the door for sales that aren’t available to the general public is a great way to create buzz about your store and bring people back more and more. For those businesses looking to create easier rewards systems, you can always give points out for certain purchases that can be applied the more they are accumulated.

Paid Memberships

For stores that want to really make their best customers feel like VIPs in an exclusive club, you can offer up a paid membership in a rewards program that gives discounts on all or certain purchases with a yearly fee. It’s important here to really crunch the numbers and make sure that customers will appreciate the discount without costing you too much if lots of people join.

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