The Friday Retailer Flex – Episode 14
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Friday Retailer Flex – Episode 14
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Why your bicycle retail store needs a loyalty program.
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The Friday Retailer Flex – Episode 14
Fri, 6/4
SUMMARY KEYWORDS
loyalty program, customer, bicycle, dealers association, card, purchases, points, customer loyalty, implement, flex, program, encourage, punch, repeat, reason, business, store, offering, reward, create
SPEAKERS
Heather Mason, NBDA
NBDA 00:10
You are listening to bicycle retail radio brought to you by the National bicycle Dealers Association.
Heather Mason 00:16
Welcome to the Friday retailer flex a weekly pointed digest of inspirational and actionable insights you can implement today. This is NBDA President Heather Mason. If you’re a first time listener, be sure to check out the previous episodes, do us a favor and leave a review. This week’s flex is about why your bicycle retail store needs a loyalty program. There are heaps of successful businesses that have implemented a loyalty program and for good reason. They improve customer loyalty increase overall purchases encouraged repeat business and much more. Let’s dive into five reasons why you should have a loyalty program in your bicycle store. Alright, reason number one, it seems simple, but a loyalty program will do just that improve customer loyalty. The entire reason is to create a loyalty program designed to improve your customers loyalty. offering discounts or free promo or service items to riders ensures that they will continue to do business with you if they’re happy with your products and services. Reason number two, a loyalty program will increase overall purchases. There are many ways that loyalty programs can increase riders overall purchases. One such way is to create a program that customers can gain points per dollar spent to make it to the next tier of rewards. This helps push the customer to spend more and they receive new benefits in the future. Another reason to have a loyalty program is to encourage repeat business. Whatever the type of loyalty program that you put in place, encouraging repeat business should be the overall goal. All types of programs should include incentives and encourage the customer to continue to purchase at your store. So let’s take a punch card. For example. If the customer fills up the punch card, they get something free, it’s the perfect incentive to draw the customer back to your bicycle store. The fourth reason to have a loyalty program top of wallet Top of Mind, having a plastic reward card makes it easy to scan the cards through your point of sale system, and then you can keep track of the customer’s behavior. But having this physical card and your customers wallet ensures that every time they open it and see it your bicycle store comes to the front of their mind. And the last reason to have a loyalty program is to improve your customer relationships. Using loyalty programs help improve customers relationships in multiple ways. Whether you’re offering special gifts for their birthday, or remembering their favorite products, they feel like a VIP.
Heather Mason 02:41
All right, we all know it costs five times more to acquire a new customer than to keep the ones we currently have loyalty programs bring an innovative way to build customer relationships, increase revenue and create customer loyalty. And if you’re wondering how to start a program, there are plenty of ways to do it. You could design your own program, or you could work with a reward card company. Whatever you decide there are things that are so simple like a paper punch card, you know the one followed by five cups of coffee get the six free, or a plastic card that tracks various behaviors and awards the users after earning a set number of points like that $10 off $100 purchase. If you’re not in the loyalty card game, now is the time to learn more. And a simple Google search is a great way to start towards building repeat business engaged customers and a loyal loyal base. If you would like to support the show, don’t forget to subscribe to the show. Share your favorite episode friends. appreciate your support. Thanks for listening now go be great.
NBDA 03:43
This has been bicycle retail radio by the National bicycle Dealers Association. For more information on membership and member benefits, join us at nbda.com
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The NBDA has been here since 1946, representing and empowering specialty bicycle dealers in the United States through education, communications, research, advocacy, member discount programs, and promotional opportunities. As shops are facing never-before-seen circumstances, these resources offer a lifeline. Together, we will weather this. We at the NBDA will not waver in our commitment to serving our members even during this challenging time—but we need your support.
Now is the time to become a member as we join together to make one another stronger. Whether you’re a retailer or an industry partner, your membership in the NBDA is one of the best investments you’ll make this year.
Learn more about the benefits of being a member and join now.
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