Everyone wants loyal customer or members
It doesn’t matter if they are a retailer, a church, an association or a service….you want people to be loyal to you.
They say it is 10 times harder to get a new customer than to keep him/her. The cost of acquisition is very high so you had better make sure you keep them happy once you have them. Whether it cost you money to acquire a customer (member) or it’s the cost of time invested, anyway you look at it it’s expensive. BSP Rewards has come up with a way to keep the cost down.
Incentives and rewards that are awarded to members the client’s name, but they don’t pay for. We arranged for the rewards to be given be the participating merchants making it totally “merchant funded”.
All the rebates, coupons and discounts are funded by the over 700 merchants in our mall so that it doesn’t cost our clients one red cent, The only exception to that rule is if our client is a merchant them self and then we have it set up that it only costs him/her on a completed sale – and they choose the amount.
A typical client has customers (members). He presses a button and places all of them in the program. Remember, the program is private branded for him and is actually his program…we only administer it for him. The member is then given the option to opt out - but very few do as it is free to them and they can amount of money they can save by shopping in the mall.
It works like this.
They auto-enroll their members or customers.
We send them a welcome e-mail explaining this new, wonderful, benefit (branded for the client) telling them of this new service that they have been given. They begin to shop the mall and see how much money the can save. They receive an email with each purchase (branded for the client) telling them how many points they have earned (every points = $1.00).
The email directs them to click a link to see how many points they have. It can link to a landing page (branded for the client) to promote whatever that client wants. Once a month we send out an email newsletter (branded for the client) promoting him and a group of special offers.
The bottom line is their branded BSP Rewards mall is a great communication tool and the client’s members love it because every time they receive an email it means they are making money.
So, as I said, the program is a great incentive to visit the client’s site, creates a high volume of traffic and builds a high affinity towards them. It creates more loyalty to the client and that results in a great cost savings in both acquisition cost and retention cost. By offerings the Mall as a value added incentive to become a customer, or member, and then a continuous loyalty program to remain one; our clients establish an excellent tool that costs them very little. Add that to the value of being able to have a consistent communication vehicle and it is a winning situation all around.
And if you are a merchant, you have additional benefits…but that’s a story for next week.
