How important are your best customers? According to Lindsay Kolowich of HubSpot, “it costs your business about 5-10X more to acquire a new customer than it does to sell to an existing one.” Added to that, Kolowich goes on to say that “your current customers spend 60% more than new customers.” So how do you keep your best customers coming back to your restaurant?
Restaurants that implement reward programs for their best customers are seeing win-win results. While your guests are saving money just by dining in their favorite restaurant, you can reap benefits that include:
- stronger customer loyalty;
- increased guest frequency and revenue;
- higher brand awareness by word of mouth; and
- increased competitive advantage.
If you have never used a restaurant loyalty program, you might be uncertain how much work is involved to get one started. Once you get past your initial program setup, maintenance is fairly easy. And reward programs keep your best customers coming back with minimal effort.
Once you decide to offer loyalty rewards, you’ll need to decide which type of reward programs to offer. The four most common include points based, cashback, frequency, and discount programs. Each has its pros and cons: consider whether your customers would respond best to instant discounts, or saving up points for a larger reward.
SpeedLine Loyalty Program Options
Lets consider your options. SpeedLine supports a variety of programs:
SpeedLine Loyalty – Built into SpeedLine, there is no extra fee for this single-store program, and customers use optional cards or phone #’s to identify a their accounts. Your customers can earn points based on the value or number of orders they place with you, or based on how much or how many of a certain menu item they buy.
StoreCard by Vantiv – Suitable for single stores and chains of all sizes, StoreCard by Vantiv is a reward + gift + digital payment card in one. Your customers can earn rewards, give gifts, and pay with a smartphone or plastic card.
Paytronix Systems Inc. – Suited for operations with 5+ locations, the integrated SpeedLine–Paytronix integration seamlessly captures specific customer activities at multiple locations. Using this data, restaurant companies can easily identify their best customers, track purchase and visit behavior, and design personalized promotions. Use plastic cards (can use the same card for gift + loyalty if you choose), phone number look-up for delivery customers, or a mobile app.
Compare your loyalty program options with SpeedLine POS:
Posted on Wed, Oct 05, 2016 @ 18:10 PM.
Updated on May 25, 2020 @ 10:25 PM PST.