Marketing techniques constantly evolve, and businesses are adamant about looking for new ways to reach potential clients and customers. Business owners can no longer rely on internet marketing alone to get people interested in their company. Marketing efforts now need to be more proactive and more personal to keep people captivated.
That’s where payment technology comes in. Payment technology always changes to meet the needs of consumers and to provide easier, more convenient ways to pay. Now, marketers are determining that payment technology can be used to not only make a sale easier, but to increase the frequency of sales.
Payment technology can provide convenient and creative financial incentives for customers. Coupons, loyalty programs and exclusive information can be put directly into their hands, helping your brand stick with them long after they leave your business. Here are some ways payment technology can be used to better your marketing campaign:
1) Adding Coupon to Credit Card Receipts
Adding a coupon to a credit card receipt can be a cost-effective marketing tool that could potentially turn a one-time customer into a loyal patron. The coupon is a simple idea that can be customized and tailored to target certain buyers. The design can feature eye-catching colors and images, and the content of the coupon, or the sale itself, could change intermittently to keep repeat customers interested.
In some cases, a business could have more than one coupon on the receipt. For example, a store could offer a coupon for 10 percent off an entire purchase, as well as a discount on a specific item. The coupons should be clear and well explained to help the customer know how and when it can be used, but it shouldn’t have too many restrictions that could deter the person.
Adding coupons is a straightforward approach to creating brand recognition. Because of the coupon on the receipt, a customer likely would keep it on hand. Anytime he or she sees it, they will be reminded of your business and your brand. This is a relatively cheap marketing method that keeps your business in the forefront of the buyer’s mind. Adding coupons to receipt papers you already planned to hand out can create a high return on investment.
Businesses also can use the receipt canvas to include other information, such as weekly specials, promotions and sales. These could be adjusted to target certain merchandise that may peak buyer interest, including new products or seasonal items. The receipts also could be used as an avenue to promote ongoing or upcoming events, such as an anniversary or a holiday event.
2) Providing Emailed Receipts with an Opt-In for Company Newsletter
Emailed receipts are becoming more popular among consumers and businesses. They’re convenient for everyone involved, and they can save paper, time and money. Most importantly, businesses can use them as marketing tools to connect with customers. Rather than automatically spamming a customer with emails, the emailed receipt can include an opt-in for a company newsletter.
An emailed company newsletter is one of the best ways a business can directly market to a customer. Newsletters are under your control and can hold much more information than other online marketing avenues, such as social media posts or even blogs. Additionally, the newsletters go directly to the person’s inbox and into their view.
People who subscribe to a company newsletter typically are fans or loyal patrons of a business who may want something extra or exclusive. They understand what you can offer, but want to know about new promotions or sales before anyone else. Providing this information on a weekly or even daily basis could help them frequent your business and can build a stronger, more loyal relationship.
Newsletters should be viewed as long-term investments because they generally work best throughout several months. Sending one newsletter may not generate a quick sale or provide an immediate return on investment. Timely reminders, however, can help you stay in touch with your target audience on a regular basis, keeping you at the tip of their tongue.
3) Implementing Coupons and Loyalty Cards through Mobile Wallets
Mobile wallets are a new trend that businesses are learning can be used for more than just quick and simple payments, and their benefits extend far beyond their payment options. These mobile payment systems also can be a method to provide digital coupons and loyalty cards to customers, making the shopping experience easier and more convenient.
With mobile wallets, customers can store coupons and loyalty card information directly on their smartphones. The shoppers even can be reminded of offers when they are near or in a store or when an offer is about to expire. This mobile convenience is something that is becoming more important to shoppers and more intriguing for businesses.
According to a March 2014 report from the Federal Reserve Board’s Division of Consumer and Community Affairs, a significant number of mobile users who reported an interest in using their smartphones to receive deals and discounts suggested tying these services to a mobile payment option, saying it would “increase the attractiveness of mobile phones as a means of payment.”
This technology can help you market your business directly into a shopper’s hand and send them incentives they likely will view. Physical coupons and promotions can easily be ignored, but digital data likely will be better received. Customers are able to access the coupons and loyalty cards immediately, making it the easiest way to expand your relationship with customers.
With the explosion of shopping choices available to customers in store and online, it has become more difficult for businesses to attract new shoppers and to maintain a loyal relationship with existing ones. Businesses are looking for new ways to generate deeper, more meaningful connections with people across multiple platforms. Marketing through payment technology can help you implement innovative and practical marketing strategies to help differentiate your business from competitors and appeal to your desired customers.
About the Author
Cristine Sommers is the Chief Marketing Officer for Soar Payments LLC, a company that provides independent business owners with competitive payment processing solutions. Follow Cristine on Twitter and Facebook.