Like many Canadians, you probably have a loyalty card in your wallet from your favorite supermarket. A 2015 study found out that many Canadians have at least four loyalty memberships; Shoppers Drug Mart and Air Miles are some of the country’s most popular and financially beneficial loyalty programs. You can start a loyalty program to boost your small business’s revenue and develop long-term relationships with your customers. You work hard to find customers, and a loyalty program helps you keep them. Having a loyalty program helps you earn more at the checkout counter, because customers buy more to earn more loyalty points for rewards. It can give you an edge over the competition, since customers want to buy from you to get rewards. A loyalty program can also help you sell add-on items such as new products you’re trying out again, because customers are more likely to add one more item to their purchase to get rewards faster. Your favorite retailer might have a fancy loyalty card with a magnetic strip, but you don’t need anything quite as sophisticated to get your customers excited about earning the points and rewards you offer. For example, you might consider giving out a simple loyalty card that’s the size of a business card; have it printed on card stock, and check boxes on the card with each purchase. Loyalty programs can turn one-time shoppers into lifelong customers. Market your loyalty program effectively, and reap the benefits for years to come.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.