Coffeeshop customers using their reward system

How Customer Analytics Tie Into a Successful Reward System

Many business owners use customer analytics to understand what products are being bought. This can indicate to you what types of products to supply. 

When your business begins to do well, you may roll out a customer reward system to help retain customers. But what if you can put both methods together? What if your customer reward system didn’t rely on guesswork?

Utilizing a point-of-sale (POS) system can help you significantly understand how to incentivize your customers based on their shopping habits and product preferences. But this can also help you create a successful customer reward system that benefits you and your customer.

Want help with your POS system? Contact Cornerstone Credit Services to help!

What Are Reward Systems?

Customer reward systems are a great method to incentivize your customers to come back. Many businesses implement customer loyalty reward systems that offer customers ways to collect stars or points each time they buy. Eventually, the customer can accumulate enough points to earn a free reward. 

Typical reward systems could be: 

  • Points programs
  • Tier-based programs
  • Mission-driven programs
  • Spend-based programs
  • Free perks programs
  • Subscription programs
  • Refer a friend programs
  • Paid programs
  • Cashback programs

Each way allows the customer to feel like they’ve got something in return for doing business with you. This can ensure that they continue to come back to your business. If you have a successful rewards program, people will be excited to use it and continue returning to your business.

How do POS Systems Provide Customer Analytics?

Customer analytics is one of the best tools for business owners. They allow you to analyze what kind of products your customers like, how often they buy them, and tip you off on what other products they might like. 

An up-to-date POS system can help you keep track of your inventory each time someone buys something. With your inventory numbers constantly updating, you can see which products sell better than others. You’ll get to learn what types of things your customers want to buy. 

You can use this information to predict what other products you should offer to bring your customers back to your store. Your POS system can also keep tabs on the prices of everything. With that, you can better understand what kind of price range your customers buy from and how you should continue to price your products. 

How to Turn Your Customer Analytics into a Successful Reward System

Now that you’ve established your customer base, it can make it easier to pinpoint what type of promotions you do with your reward system. Many restaurants or cafes will do point systems that allow a free coffee or dessert once they’ve reached a spending point.

If you notice that your customers buy a specific product, you can bundle an associated item with that sale. For example, Lancôme will pair a makeup bag with specific promotions and sales. Offering a “free” item incentivizes customers to buy the product that you’re promoting.  

By utilizing the data from your customer analytics, you can turn that into successfully retaining customers that join your reward program. It’s beneficial for the customer because they get things in return for their business and feel appreciated. Then this is beneficial for your Alaska business because it will create returning customers that enjoy doing business with you. 

Targeting your customer base with products or services they already want can keep them interested in continual business. 

Start Utilizing Customer Analytics With Cornerstone Credit Services 

At Cornerstone Credit Services, we can help you keep your POS system up to date to ensure you’re using the correct data for your reward system. 

We keep up with the top trends in POS software and hardware, giving you the power to make your business more productive and profitable. Beyond the systems, we provide 24/7 support to provide you with the comprehensive payment solution you need. 

Ready to take your business to the next level? Contact Cornerstone Credit Services to sign up today!

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