3 Ways Loyalty Grows Your Business
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1 3 Ways Loyalty Grows Your Business Audio: Please connect to audio through your computer. Phone line not required. Submit questions through WebEx Q&A The webinar will begin at 2pm ET 1 2/23/2017
2 Welcome to our webinar: 3 Ways Loyalty Grows Your Business Vantiv s webinar series is one feature of the MerchantAdvantage program The goal of the MerchantAdvantage program is to provide you with industry and product information, and business tools and resources to help secure and grow your businesses 2 2/23/2017
3 Speaker: Chris Luo Vice President of Marketing Host: Kim Piper Merchant Program/SMB Strategy, Vantiv 3 2/23/2017
4 Agenda The evolution of marketing The importance of retaining customers Growing your business through loyalty Frequency Spend Winbacks Tips & tricks Additional resources Q&A 4
5 Food for thought It s important for businesses to steer away from just looking to increase market share and instead to focus on a more long-term approach through customer loyalty. The average American company loses 20-40% of its customers each year. A 2016 study by accenture found that customers who are members of loyalty programs generate between 12 and 18 percent more revenue than non-members. Which are your favorite brands? 5 2/23/2017
6 The Evolution of Marketing 6 2/23/2017
7 What has been happening in marketing over the last 20 years in local businesses? 7 2/23/2017
8 But marketing involves acquisition & retention 8 2/23/2017
9 Big businesses have been focusing on retention The average Prime member spent $1,500 annually at Amazon, versus $625 for nonmembers. Rewards customers demonstrate increased incremental spend and increased profit per customer. 9 2/23/2017
10 Acquisition is expensive According to Bain & Company, It s 6-7X more expensive to attract a new customer than it is to retain an existing one. 10 2/23/2017
11 The Retention Opportunity 12 2/23/2017
12 Many customers don t come back Once you spend the money to acquire customers, 60% of them don t come back after their first visit. 13 2/23/2017
13 The key to retention is customer identity Traditional In-Store Experience 14 2/23/2017
14 Loyalty programs give you customer identity which enables personalization In 2014, we will continue to augment the program and capitalize on the high usage of MyPanera which we believe to be the best in the restaurant industry to provide a more personalized experience for our guests to drive transactions and frequency. 15 2/23/2017
15 Growing Your Business With Loyalty 16 2/23/2017
16 Utilize key drivers of loyalty impact Days Between Visits for Coffee & Tea Customers by Visit Number Frequency 17 2/23/2017
17 Utilize key drivers of loyalty impact Spend 15% higher spend from FiveStars members vs. non-members Source: FiveStars analysis 18 2/23/2017
18 Utilize key drivers of loyalty impact Winbacks 19 2/23/2017
19 Tips & Tricks 20 2/23/2017
20 Get to know your customers Get on a first name basis What are their favorite items? When do they usually come in? 21 2/23/2017
21 Start an list Keep your business top-of-mind Send offers and promotions Update customers about changes within the business 22 2/23/2017
22 Build a VIP program Reward your big spenders Build appreciation Keep them coming back 23 2/23/2017
23 Additional Resources MerchantAdvantage Website vantiv.com/hellomerchant Webinar Recording & The Ultimate Guide to Customer Loyalty Success FiveStars Demo (and get a $25 gift card) 24
24 Q&A Submit questions through Webex Q&A Need more information? fivestars.com blog.fivestars.com Recording & article will be posted by Monday Vantiv BizBuz is an online community for business people just like you, who want to voice their opinions and share their thoughts about payments. JOIN TODAY: 25
25 Thank you! We would appreciate your feedback. Please respond to the survey after the call.
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