What is a loyalty program?
Loyalty programs—they keep your customers coming back for more. A lot of big companies have one: Starbucks offers free drinks and food, Walgreens offers special discounts. But loyalty programs are not just for the big companies, small businesses use them too. A loyalty program rewards the customer when they make purchases. This in turn encourages the customer to come back for more rewards. And this increases the average spend. It’s a great domino effect for your business. If you do not currently have a loyalty program there are many reasons you should consider implementing one for your students.
Why should you do it?
Great customer service will only take you so far. Sure, it’s a great start, but now it’s time to get your students hooked. It has been proven that it is more difficult and more expensive to gain new customers than it is to maintain current ones. Sure, you might have to invest a little bit of money to kick start your program, but your return will be worth it. Keep students coming back and spending more at your store and you’ll be saving money. Research has proven that loyalty programs boost growth. Students are more likely to keep coming back to you if they feel valued. Having a loyalty program is a way of saying “Thank you. Please come back to see us again.” Loyalty programs also help build your brand—make it a fun experience and your students will be spreading the word to their friends (and increasing your sales).
How can you use a loyalty program for your students?
There are so many ways you can implement a rewards program for your store. Many businesses will do things like offering coupons or points on future purchases. You can also offer samples of products. However you choose to do your loyalty program, make sure it’s in a way that your students want and need (i.e. special discounts).
Give your students a reason to spend their money with you. A loyalty program will encourage them to keep coming back for more and will help your business succeed.
Sources: bookweb.org, lendio.com, helpscout.net, marketingland.com
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