A well-known, and often ignored, rule of marketing is the 80/20 Rule. It contends that, regardless of the type of business or the number of total clients, 80% of the income of the business will be provided by 20% of the clients it has. Put simply, the loyalty and spending power of just 20% of a client base is a vital ingredient of any business – and yet it is often these clients who are taken for granted in developing marketing strategies.
It is much easier to motivate clients who know your business, and already support it, than to adopt the “shotgun” approach – mass marketing, in the hope you will “hit” a few new targets.
Loyalty Programs, which incorporate loyalty marketing, are a proven method of cementing the already strong bonds you have with your top 20% of clients. But many additional spin-offs will follow once your program is established, including:
•Stronger bonds with existing key clients
•More referrals from key clients
•Greater spending by all members
•Lower marketing costs
•Less markdowns
•Better feedback from your clients
•Increased goodwill value of your business
Reward$ Plus works automatically – with MYOB RetailManager or your MYOB Accounting software. It provides all the tools you will need to effectively manage a Customer Loyalty or Membership Rewards program, and to maximise the business you do with your clients.
Many functions have been automated, allowing ample scope for customising reward options & bonus point options – without the need to even open the software at time of purchase.
Reward$ Plus provides many tools to allow you to:
•evaluate the effectiveness of specific promotions
•target your marketing to specific client types
•minimise your markdowns
•cement your valuable client relationships.
In summary, a successful loyalty/rewards program is an essential to any retail business – and to many other types of business.
If you don’t spoil your key clients, you can be sure your competition will.