Loyalty programs—a great way for businesses to develop long-term purchasing habits and turn occasional users into frequent buyers. Admit it: You probably have a loyalty card from one of your favorite merchants in your wallet right now, and you may even offer something similar to your customers. Whether it’s frequent flyer miles or a buy-10-get-one-free punch card at your local coffee shop, loyalty programs—done right—work.
But the effectiveness of these marketing tactics is diminishing, according to this Inc.com article by Jessica Stillman. Why? Because the reward for loyalty takes too long to achieve. Today’s customer wants instant gratification—and the results from a new study by hawkeye backs up this claim.
So what’s the takeaway for your business? “Your loyalty card allowing your customers to get the fifth latte free may sound perfectly sensible,” Stillman writes, “but this research suggests you’ll probably get more bang for your buck by providing something tangible immediately at the time of purchase.”
With this in mind, promotional products can do double duty. First, they can provide the instant gratification that today’s consumer demands. Second, they continue to build your brand long after the original receipt through repeat use. Now that’s a sound use of your marketing dollars.
For retailers, this could mean providing a reusable shopping tote with qualifying purchase. Restaurants and cafes could give reusable travel mugs and offer a discount when consumers bring them in for future visits. Corporate businesses that have monthly billing cycles can also use travel mugs to customers; each month they pay on time, customers receive a voucher or gift card to refill the mug.
These are just a few ideas. To learn more about what today’s consumers want from loyalty programs, read the complete article here.
And if your loyalty program needs a makeover, book an appointment by clicking here or call at 248-538-4700 to learn how incorporating promotional products can reward loyal customers while simultaneously extending your brand visibility. Mention the blog, and we’ll send you some SMART Swag to get the conversation started!