How to Increase Liquor Store Sales A common question business owners ask is how to…
Liquor Store Loyalty Reward Program
Customers are familiar with reward programs and studies have shown that the more rewards available to them, the more they will spend. Today, majority of reward programs rely on points. When a customer earns enough points from purchases, they receive a type of reward. For most companies, the reward is a percent or dollar amount off their next purchase. Before we begin the process of starting a reward program, does your current point of sale system support reward programs (bonus points if it’s mPower)? If so, continue reading. If not, check out mPower Beverage customer management information here. A key to having a great reward program, is for it to work seamlessly within your POS.
Are you ready to start a Reward Program?
First, determine what type of reward you will offer your customers. Will it be a point value, instant cash back, or access to special pricing? If you are undecided, read the descriptions below to help in your decision process.
- Points to In-Store Credit
- Once a customer reaches a certain amount of points, that amount will turn into in-store credit. For example, 500 points equals $5.00 in-store credit. A customer hits 525 points on their most recent purchase. They will now have 25 points and $5.00 store credit on their account. The customer can use this credit at any time, or continue to let it accrue over time.
- Instant Cash Back
- Customers can receive a certain percentage of cash back into their account. This is a percentage of your choosing such as 1% or 2%. Customers can then use that cash back on their next visit or let it accrue over time.
- Special Pricing
- Customers may pay an annual fee and get added to the rewards customer group to receive special pricing on all or specific items.
Secondly, will there be extra incentives for signing up? Here are some offers liquor stores have given their customers just for joining:
- Emails regarding sales and promotions.
- Member only events.
- Priority access to select products.
Finally, give your point system a name! Here are a few that liquor stores have used:
- Celebration Members Club “CMC”
- ‘Store Name’ Customer/Loyalty Rewards
Remember to take your time in deciding what you will offer your customers. When you’re ready to get started, get with your support representative to take all the steps needed to set up your rewards system so it is done correctly.
Most importantly, don’t forget to let your customers know the fine print of your reward system. Common questions include: Are points exchangeable on merchandise or mixers as well? Do points ever expire? Be up front with your customer. They may not be happy if they unexpectedly find out they cannot discount the store t-shirt they’ve been saving for or their points expired yesterday.