Consumer loyalty is difficult to acquire, but once a business has enough of it, they are set to make steady profits as they have a steady stream of revenue. However, with the hundreds of new companies that are starting each day, it can be difficult for a company to distinguish themselves from their competitors to achieve such loyalty. One way is to create a rewards program to keep them interested.
When making a rewards program, companies have to balance between the loyalty they are achieving and the profits they must give up to provide freebies or discounts to returning consumers. This can be done through online programs that track purchases; however, when dealing with these programs, it can be challenging to manage and code, and the database could grow large if a company has hundreds of purchases every day.
Another more straightforward method would be for consumers to keep track of how many purchases they have made. To implement this, punch cards are introduced. They offer a wide range of customizability for the parent company from the design of the card to the reward offered and the number of purchases needed. This way, every punch card can be tailored to the specific needs of a company and embody their personality and voice.
Since it can be challenging to decide how to design a card like this, it is essential to search for punch card examples to understand how other companies have formatted them. In addition, keep in mind that requiring too many purchases before a reward may result in fewer consumers bothering to keep up with the punch card, and less consumer loyalty. However, if the number of purchases needed is too small, then the opposite problem occurs; a company may be losing a considerable amount of revenue due to the numerous discounts that they offer.
In the long run, having a rewards program results in a drastic increase in sales and returning customers. With punch cards, the program itself is very inexpensive to run; there are only cardstock and a printer required to make the physical cards, and as long as the company does research, the discounts offered should not override the increase in revenue from using punch cards. In addition, unlike the online rewards program that could require weeks or months of programming and work to begin, punch cards can be implemented quickly, in one or two days if necessary. There is no additional training employees have to get to understand how to use them.
Building up a relationship with the customer is one of the most important aspects of keeping a good business, and punch cards are an easy way to do that. In addition, having a good deal on punch cards are sure to separate one company from another, at least in the eyes of the consumer. With a little more research and design, these are easy to create and enforce, giving a huge return on investment.