Black Friday: an opportunity for businesses to take their profits out of the red and into the black. At least that’s how it’s supposed to be. But this year, many stores saw lackluster results. The common problem? Offering huge discounts in the days leading up to Thanksgiving, assuming a one-time effort could turn profits around. By the time Friday arrived, consumers didn’t get the same feeling of capitalizing on the best bargains as years past. And their loyalty to a specific store? Nowhere in sight.
So what’s a store to do differently the next time around? Further slashing prices during that coveted stretch from Black Friday to Christmas isn’t the revenue-generating answer businesses are looking for. But a good loyalty program could very well be.
Last year, Merchant Warehouse polled over 100 small business owners and managers and 700 shoppers to get their take on loyalty during the back-to-school season — the second most lucrative time for businesses after the winter holidays (which brought in $601 billion in 2013).
The core finding? Implementing a loyalty program is a far more reliable and long-lasting strategy for gaining happy, repeat customers than slashing prices left and right.
As you’re planning for the year ahead, consider injecting some loyalty into your 2015 plan. Here are five lessons you can take with you into the new year to make sure you’re at the top of customers’ minds from January all the way through December.
1. SALES ARE TEMPORARY, BUT A GOOD LOYALTY PROGRAM IS FOREVER
2. IT BENEFITS SOME UNEXPECTED THINGS (like email open rates)
3. THERE'S STILL TIME TO BE AN EARLY ADOPTER
4. PUNCH CARDS ARE OUT; SOCIAL MEDIA ENGAGEMENT IS IN
5. LOYALTY PROVIDES ACTIONABLE CUSTOMER DATA
Source: Retail Customer Experience.com, read entire article here.
MEDIA CONTACT:
KATY LASEE | MARKETING DEPT.
651 554 8533
KRLasee@traveltags.com
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Research will be released in January 2015.
MEDIA CONTACT:
KATY LASEE | MARKETING DEPT.
651 554 8533
KRLasee@traveltags.com
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