Point of sale management and loyalty programs often work hand-in-hand, as loyalty rewards are earned and redeemed at the point of sale. Therefore, it makes sense to use a paid or free POS billing software that helps you run your loyalty program effectively and efficiently.
When done right, loyalty rewards given at the point of checkout can help bring back customers to your stores again and again, increasing their lifetime value. It is cheaper to retain existing customers than acquiring new customers, and existing customers also tend to purchase more than new ones, therefore it is essential to pay attention to finding ways to make your loyalty program stronger.
One way you can do so is by using a POS software that has an integrated loyalty rewards software, and they work together to provide your opportunities that help grow business.
Here are a few ways in which loyalty and POS software work together to help you grow your business.
Collect customer data
Your POS software helps your collect customers data that is invaluable. This customer data can be used to send messages to users with highlights of your loyalty program. Your sales staff can ensure that they collect email IDs, names and mobile phones of each customer purchasing with you.
This will help you create a database of customers who have shown direct interest in the kind of products you sell. This data can also be used to promote new products, events, campaigns, etc. However, you need to be wise while using this data, ensuring that it is not overused and is used for only relevant and valuable campaigns. Your customer data will prove to be your most important asset in the long run.
Know customer behaviour
With the help of POS and loyalty software, you can understand customer purchase behaviour. You can classify profile of loyal and other customers. You can also understand the purchase baskets of different types of customers. This information helps you package your products optimally, to satisfy your customers.
Knowledge about customer behaviour and preferences will save you a lot of money spent on hit and trial methods of selling. The better you understand your customers, the better you are able to plan your products and prices to sell more and attract new and old customers. Such data also helps you in planning marketing campaigns that will appeal more to your target audience.
Reward customers as per their preferences
Once you know what motivates your customers, you are able to create rewards and incentives that motivate them to return and purchase with you. With the help of customer behaviour data collected by your loyalty and POS software, you can study the kind of incentives your customers and audience appreciates.
Some customers prefer monetary rewards, some like preferential treatment, some like instant gratification, while some prefer reaping rewards gradually for a long time. With the help of data collected by your loyalty and POS software, you can identify the reward preferences of your loyal customers and strengthen your loyalty program and other reward programs to gain more business.
Send marketing messages
When you integrate your loyalty software with POS software, you’re able to send focussed marketing messages to your existing customers, so that they are encouraged to come to your store to purchase more and to enrol into your loyalty program. A POS software also enables you to identify different segments of loyal customers who can be targeted with different marketing messages.
When apt messages and emails are sent to loyal customers and if users find value in such messages, then they respond better to your marketing campaigns, in general, generating favourable results for you. Therefore, a good POS system combined with a loyalty software can help generate great results for your business, as you are able to work with data that is factual.
Reward customers as per their preferences
You can easily promote your loyalty program among new customers using your POS software. POS software helps collect data of every new customer purchasing with you. These customers can be encouraged to come back to your store to purchase with you. POS data helps you understand the purchase basket of such customers.
With the help of POS data, you can send product promotional messages to customers. You can also send messages about the benefits and value of your loyalty program to such new customers, so that they are motivated to purchase with you to avail those benefits. You can also analyze the marketing messages read and clicked by such customers, so that you can identify which new users are interested in your offerings.
Identify satisfied loyal customers
One important thing POS software help us identify is which customers are loyal and which of them are satisfied. You can collect customer feedback through your POS software, which helps you understand the kind of rapport your business has with its customers. This will help you plan various marketing and business activities.
Once you have identified satisfied loyal customers, you can approach those customers or incentivize them to refer new customers to your business. Satisfied customers are more likely to recommend you to others and spread a positive word about you on social media, too. Therefore, marketing messages encouraging satisfied customers to share their good store experience with others can be sent.
Show loyalty point balance on checkout
One way to keep loyal customers engaged is to give them an update of the loyalty rewards they have earned by being associated with you. There are various ways in which you can inform your loyal customers about the status of their rewards, so that they are encouraged to avail those rewards.
You can show reward balance to customers on checkout receipts, through transactional messages and email updates. This can be helpful in delivering an object of gratification to customers. Also, as customers see their reward balance, then they are more likely to return to your store purchase with you. This helps in growing your revenue by increase customer lifetime value.
One great thing that POS software help us do is collect feedback from customers about products, services and prices. This can be done in a planned way to identify opportunities of growth and improvement and to sow a seed of goodwill among customers. Feedback collected can build a good base of testimonials to grow your business on.
Collection of feedback also helps you understand the general perception of your loyal customers, which can be used to optimize your products and rewards to enhance customer satisfaction. With the help of such feedback, you can also identify what motivates new and existing users to purchase more with you. This information can be leveraged to create an offering that your customers cannot refuse.
The above points show how POS and loyalty softwares, together, can provide data and offer opportunities to grow your business.
You can achieve various business goals like revenue increase, customer satisfaction, operational efficiency and increase in customer lifetime value with the help of a good POS software.
A paid or free POS billing software is made more powerful when used with a loyalty software that helps classify and reward a segment of customers who, through their actions, show satisfaction and goodwill towards your business.
POS and loyalty rewards software offered by Loyera are comprehensive and efficient. They are free to use for small businesses and hence offer wonderful growth opportunities without any cost.