Givex Loyalty – An answer for comprehensive loyaltySeptember 12, 2018
Anyone in the payments or POS space knows Givex. But what you may not know as well, is about the Givex loyalty program they have.
Those who know this blog know that I often write about customer loyalty. And the benefits your business gets from deploying customer loyalty. If you’re looking for an enterprise loyalty program, Givex might be your dance partner.
Space NK & N.Dulge
I spent some time on the phone with Givex, talking about loyalty. And they connected me with Rupert Samuel, the head of CRM and Loyalty for one of their largest clients, Space NK.
Mr. Samuel gave me some great insight as to how they were using loyalty. Since implementing their N.Dulge loyalty program, here’s a quick overview of the stats:
- Sales increased by 8% in the UK
- Sales increased by 15% in the US
- 75% of US Clients are now using N.Dulge
- 67% overall engagement increase
Talk about amazing numbers! That customer engagement number alone is enough to write home about! But having the right loyalty program plays a huge part in this too.
The “right” loyalty program
What exactly do I mean by the “right” loyalty program? Well, you can’t just flip on a switch and say, we’re going to have a loyalty program. The most important part of a loyalty program is making your customers feel special. Like as a loyalty member, they receive perks that others don’t. And that those perks are important enough to keep them coming back.
Space NK does an amazing job with this. Let’s look at a few things that set their loyalty program aside. Things you should consider when building your loyalty program:
N.Dulge is a great name, for sure. But look at the card:
The card is simple, but chic. It’s understated, but looks luxurious. It’s the kind of thing that after seeing the card alone, you might want to join.
And they’ve branded the program. This isn’t just “Jack’s Bait Shop Loyalty.” They went out of their way to give it a personality of its own. They want to give you a good feeling about the program, and entice the dollars out of you. Would you rather use your “Cup O’ Joe Rewards Card”? or your “N.Dulge Card”? I think it’s pretty clear.
2.) Tiered Loyalty
N.Dulge has 2 card tiers. The standard card. And the Deluxe card.
The Deluxe card is for customers spending over $1000 per year. And it offers additional perks. Extra rewards, previews of sales, and priority entrance to special events.
Shouldn’t your best customers get the best perks?
3.) Different types of rewards
Another great thing N.Dulge does, is offers different ways to get rewards. Even at the basic level, you get:
- Rewards ($1 = 1 point. 100 points = $5)
- Special Privileges (Early access, exclusive offers, double points days, and early sale access)
- Special Treats on your Birthday
So even if your customers don’t spend a ton of money with you, they can still earn rewards that get them back in the store. The more often you can send them a reward, the more excited they’ll be about your store.
So, up till now, we’ve been talking about how awesome loyalty is for your customers. But what does it do for you?
Get people back in the store
Look back at what Mr. Samuel said. His engagement, meaning people interacting with his website or in store, increased 67%. That means if you had 1000 people’s worth of foot traffic in your store, now you have 1600.
You’ve spent a lot of time making your store, restaurant, or business the kind of place people will want to go. The kind of place with cool stuff to check out. If you get 67% more people walking around, don’t you think you’ll be selling more stuff?
Also, it’s cheap to get people to come back. It’s expensive to get first time customers to stop by. It can cost 10x what a return customer costs to retain. So save yourself some money by getting your current customers to come by more often.
Finally, they issue a very attractive plastic card. While many companies are shying away from the traditional loyalty card, it’s important to offer them. They give your client a feeling of value. Like the card you gave them is a key to discounts. Sure, you could look them up on based on their phone number. But for the small price of loyalty cards, doesn’t it make sense to offer them?
Now that your customers are using their loyalty account, you can start tracking what they buy.
This will help you to analyze trends about your business. What time of year should I stock up on a product. Customers in their twenties buy different products than people in their 50’s. If you want to cultivate customers in their twenties, then carry what they buy!
To sign up for loyalty programs, you can ask people for their email address. This will let you market to them. But because you have the sales history we talked about before, you can really tailor your marketing to the specific customer.
Say customer A comes to your retail shop every few weeks. And in the last 12 months, they’ve purchased 10 different hats. It would be ideal to send them a promo that says “Come in this week and see the new hats on sale.”
Customer B comes to your restaurant every Wednesday night, but hasn’t been around as much lately. So you send them an email saying, “We miss you, come back! Use this code for 10% off!”
Hubspot calls this the “nurture path.” This is an automated marketing email that you setup. You can mark milestones for the customer like: “It’s our 2-year anniversary!” to mark 2 years of them being a loyalty member, and a discount code.
You can also use it for seasonal advertising, like back to school, or special events your having.
The flexibility Givex offers is immense. Having these tiered features, and different loyalty bonuses is amazing. And this is exactly the way major retailers and restaurants lure customers back.
Givex is going to put you in the ring with the big box stores. And you’re going to have a fighting chance of winning! Your store is already cooler than theirs, but with loyalty, there’s no reason to go anywhere else.
Check out our other blogs about gift and loyalty!