Here’s How Your Loyalty Cards Can Help Boost Customer Retention Rates
All the business people in the world would agree that retaining customers is easier than building new ones. While retaining customers might seem easy, your competitors will run over your clientele if you are caught slacking today. The fierce competition has raised the stakes of employing customer retention instruments and strategies.
Humans are inherently demanding by nature. Even if you offer exemplary services and premium quality products, customers are always wondering what additional benefit you have to offer when they purchase from you. That’s where the customer loyalty program comes in. Customer loyalty cards are offered by restaurants, brand outlets, and shopping centres as souvenirs to acknowledge your customers’ loyalty, granting them rewards and benefits.
Read on to find out all you need to know about loyalty cards.
How Do Loyalty Cards Work?
Loyalty cards are an instrument you can use to make your customers feel special. Although a loyalty card is typically a plastic card that stores your customer’s data, it holds immense potential. These cards usually come with a barcode or a magnetic strip or both so that, when swiped, they can record any purchase or transaction information.
While offering a personalised premium quality card enhances your brand recognition, you would benefit more if you link your customer’s mobile numbers to your loyalty program. In such instances, customers won’t leave your store with a bad experience even if they forget or lose the card.
Once the information related to the transactions is recorded, a program helps you tally the points and update it in your member’s account for redemption at a later stage.
What are the Benefits of Customer Loyalty Cards?
Many newcomers and small business owners get stuck up on the thought that a customer loyalty program means you’ll be giving away something, whether it’s discounts, sales, early access, and so on. They fail to see the payoff these reward programs rake in.
Not every loyalty program is the same; your brand needs to work out which ones work best for your organisation. Here’s a list of the benefits customer loyalty programs offer:
- Boosting Customer Referrals: Great referral programs instantly make their way into the crowd through word-of-mouth publicity. People love telling their friends, family, and acquaintances how they bagged the year’s deal. More referrals bring in more customers leading to a hike in your revenue.
- Higher Customer Retention: If customers are offered more bang for their buck with your loyalty programs, they are bound to stick around longer.
- More Sales: Incentives encourage customers to spend more and bring you a higher average order value. Customers aim to hit the milestones you set up for them with your loyalty programs.
- Brand Advocacy: Running a successful loyalty program builds trust and turns your regular customers into brand ambassadors and advocates. This group goes on to fetch new customers, raking in more leads and resulting in a practical, low-cost marketing campaign.
What Features Should Loyalty Cards Have?
Before you head out for printing your membership and loyalty cards, have you thought about what features you want on your card ? Traditional cards just don’t cut it in the modern era. If you want your customers to feel more connected and valued, you need to check your budget and add some features.
- Colour Scheme: If you want to deliver the exact colour every time, go for the Pantone system.
- Bar Codes & Magnetic Strips: Sequential or non-sequential number barcodes or magnetic strips are essential to Loyalty programs as they coordinate with POS machines to record and store each customer’s data.
- Embossing & Holograms: These are features that add a touch of sophistication and luxury to your cards. Embossing with gold or silver tipping add extra value to your cards, creating a premium vibe.
Other security features like UV light detection and signature panels don’t make much sense when added to loyalty cards. But the earlier features can help your cause and make your consumers feel extra special and valued.
As a leading plastic card manufacturer operating since 2002, Custom Plastic Card offers the highest quality plastic cards. We offer a wide range of printing solutions, including PVC cards, membership cards, access cards, and more options. Our diverse client portfolio includes individuals, small businesses, high-profile customers, and institutions. So, whether you need 100 cards or want to print out 300,000 cards, we are here to help.
For more details, call us on 1300 651 544 to contact us.