Loyalty
Need a Loyalty Program that Runs Itself?
The easy and profitable way to retain Consumers and increase sales
The ProfitStreams Loyalty solution gives you a powerful way to increase Consumer traffic and raise average check sales.
Why Loyalty?
- A 5% increase in Consumer retention can increase profits 85%.
- Repeat Consumers spend an average of 67% more than new Consumers.
- Consumer participation in loyalty programs is up 20% in past two years.
- Studies show 60% of Consumers say a loyalty program is important to their shopping decisions.
- It is 7 to 10 times more expensive to find new Consumers than to retain existing Consumers.
- Loyalty program members visit twice as often as non-members.
- On average, program members spend 4 times more per visit.
(Sources: IMR Research, Jupiter Research, The Loyalty Effect, & Bain & Co.)
Loyalty provides several key advantages:
- Increase Consumer retention, frequency and spend
- Highly profitable
- Enables for targeted, cost-effective Consumer communication and promotions
- Loyalty programs continue to grow year over year
Digital loyalty programs are more effective than paper based programs for two main reasons:
- Reduces fraud associated with paper-based programs
- Allows data collection on Consumers and buying behavior/patterns
Types of Loyalty Programs offered:
- Frequency (Punch Card)
- Typical example is “Buy 10; Get 1 Free.”
- Points for Prizes
- Accumulate Points With Each Purchase Toward Specific Prize(s)
- Points for Cash
- Typical example is “Spend $100; Get $10 Loaded to Your Loyalty Account”
- A best practice is to allow redemption of any reward on a future visit to encourage repeat business.
- % Cash Back
- Typical example is “Receive 5% of purchases Into Your Loyalty Account”
With ProfitStreams Loyalty, you can set up one or several programs that run independently. All Consumer information is available to you at any time through the Loyalty Merchant administration site.
How do Consumers enroll in my Loyalty program?
1. Consumers can enroll online (Must have card to key-in loyalty card number.)
2.Paper enrollment form (Information is keyed in by your staff during slow times.)
What equipment is required to get started?
- Compatible terminal, such as a Optimum T4220, Nurit, or Omni or you can utilize a virtual terminal
- Phone line, DSL, IP line, or internet if utilizing the virtual terminal
ProfitStreams Loyalty can help increase your sales and create a win-win relationship between you and your Consumers.
Your Loyalty Runs Deeper
Get more out of your Loyalty by combining it with revenuePWR. Our Loyalty and revenuePWR work hand in hand to allow you to have further insights into your Consumers’ buying habits and behaviors.
Loyalty and the Closed-Loop
How does Loyalty tie into the Closed-Loop? Loyalty is part of the BIND, MIND, DEFINED and REMIND elements of the Closed-Loop. After Consumers have utilized your services or purchased items, they are likely to join a Loyalty program if one is available. By joining the program or redeeming rewards, the Consumer is BINDing to your business. By treating Consumers special based on their participation in a Loyalty program, the business is MINDing the Consumers. Consumers become part of the DEFINED element as their purchase behaviors and preferences become known. Lastly, Loyalty factors into the REMIND element as you remind them to come back to earn more loyalty rewards which are relevant to them.
The elements of the Closed-Loop driven by this application are highlighted in blue below: