Soaring costs in fuel, groceries and energy along with consecutive interest rate rises have forced Australian consumers to carefully review their spending.
When consumer spend decreases, businesses may start to see once-loyal customers less frequently, spending less with each transaction or even stopping their expenditure altogether.
So what can businesses do to mitigate this risk?
Here are our top tips for businesses to help their customers combat the rising cost of living.
Introduce discounted Gift Cards in your rewards marketplace
Many loyalty and rewards programs offer discounted Gift Cards
with leading brands in their rewards marketplace.
For businesses with points-based loyalty programs
, points can be redeemed for Gift Cards helping customers save on fuel, groceries, technology, homeware, fashion and more.
Broaden your rewards marketplace
Leading loyalty programs also have a broad rewards marketplace that includes cashback offers, travel, dining and entertainment deals
and special promotions with partner brands.
By providing these extra benefits, your customers may be more inclined to remain loyal in order to continue accessing these exclusive deals.
Target high-value customers with exclusive offers
Every business should know who their high-value customers are.
Once you know who your high-value customers are, consider targeting them with special offers, such as access to exclusive experiences
This will help maintain or even increase their level of spending.
Surprise and delight “at-risk” customers
Businesses should target their inactive customers who haven’t transacted in a while or who have decreased their spending.
Consider surprising and delighting inactive customers with a special offer to get them spending again with your business.
Get expert advice
There are many benefits to seeking a third-party expert for advice. Working with an external partner can help you identify gaps in your strategy and understand industry trends that can help you achieve your customer loyalty and revenue goals sooner.
If your business needs advice, then EonX can help.
To learn more about EonX’s full suite of loyalty solutions or to book a free strategy session with a loyalty expert, simply email email@example.com.