Are you looking for a simple, inexpensive way to get people to buy more now.And come back to buy again later (Duh, who isn’t)? Instead of putting your products or services on sale, or giving out coupons, consider offering credit towards future purchases for every so many dollars spent between now and a future deadline. For example, I might say “For every $50 you spend with me before December 31st, you’ll get 10% back in Stacy Bucks you can spend anytime in the next year.”
Then simply let customers or clients know how much credit they’ve earned when they make a purchase. And be sure to send out one or more statements, ideally along with a catalog or promotion, to encourage them to come back later and use their credit.
The outdoor store REI, which is technically a co-op, does a version of this where members are credited a percentage of all purchases at the end of the year. This comes in the form of an annual mailed “dividend” that is good towards any purchases for a limited amount of time.
I’m sure other variations on this theme exist. As long as the format you choose is low-cost to you, rewards customer loyalty, gives you a great reason to stay in touch that they’ll appreciate, and encourages them to buy again from you, you’ve got a winner.
Do you have thoughts on this idea?
Have you done something similar, but different, and had great results?
About the Author: Practical Marketing Expert Stacy Karacostas, founder of SuccessStream Sales & Marketing Solutions, specializes in taking the stress, struggle and confusion out of growing your small business. She's the author of the 2-page marketing plan workbook Putting Your Business on the Road to Success, and The Small Business Website Bible. Stacy also writes the fun and informative Marketing Junkie blog and Bright Ideas weekly newsletter. For more practical, business-building wisdom help yourself to a copy of her free report The 7 Deadliest Small Business Marketing Sins... Are You Guilty?
This entry was posted on Thursday, December 18th, 2008 at 9:44 am.
