Loyalty systems have been around in retail for decades. Too often, small business retailers copy big business, and fail.
A good loyalty system will get shoppers spending more, doling more than is usual, and doing this at little or no cost to a retail business.
A good loyalty system will be loved by shoppers.
A good loyalty system offers shoppers flexibility.
A good loyalty system has little or no management overhead.
A good loyalty system reveals insights about your business that are helpful, impactful and revealing.
A good loyalty system helps you grow your business, helps you make your business more valuable.
This is about Loyalty 2.0 – a fresh approach to shopper loyalty for small business retailers.
Discount vouchers have been in our POS software for more than six years. They are one of several valuable shopper loyalty tools designed to drive revenue and return shopper visits.
Yet, discount vouchers are the most misunderstood.
Setup is easy. It takes a few minutes. Change is easy, with changes taking effect immediately. Management its easy thanks tp three awesome reports. Pitch is easysince you can call them whatever you like, what is appropriate to your business.
The mistake most retailers make is overthinking. Stop that! Set Discount Vouchers up and see how your customers respond. Adjust accordingly.
In our experience, on average, only 20% of vouchers handed out are redeemed. Those offered with the least rules achieve the best commercial outcome for the retailer.
Remember, the $$$ opportunity on the discount voucher is a good reason to review pricing, to factor in the cost of voucher redemption.
So…
- Choose what you want to call them: Discount Voucher; Bonus Bucks; Thank You Gift; Come Back Again Gift; Appreciation Voucher; Pass It On $$$.
- Set your settings. Know they can change as you learn more.
- We suggest a 28 day expiry.
- Have the voucher value show as $$.
- Let vouchers be redeemed for as many different products as possible.
- Go!
ADVICE ON PROMOTING DISCOUNT VOUCHERS.
Every time a voucher prints, present it to the customer by placing it on the counter facing them with your finger next to the amount and say, while maintaining eye contact, hey you have a voucher here for $x.xx that you can use in store in the next 28 days. Well done.
Make sure that everyone working at the counter knows that the success of vouchers depends on their pitch.
Now, if they complain about the low voucher value have a response like hey it’s appreciation that almost no other business around here will show you.
Guys are more likely to spend the voucher right away.
Girls are more like to collect vouchers and put them together, which we recommend you allow.
What you want to see when you have out a voucher is for them to lift their hear and turn to look back into the shop, thinking of what they could buy.
GOOD LUCK!
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To find out more about our awesome POS software and support fir indie specialty retailers, please call our sales team on 1300 662 957 or email them at sales@towersystems.com.au.
Tower Systems is an Australian POS software company serving 3,500+ specialty retailers in Australia and New Zealand.
