Earning repeat business
Since their inception, retail outlets have been tracking repeat customers. Some of their methods require large doses of patience on the part of the customer — something you can’t always count on — while others are as simple as entering a 10-digit number and looking for a match. Luckily, your small business can take advantage of these same techniques to ensure customer retention!
Before delving into the “how”, however, consider a couple of things: the simple methods are often the best — especially in this context — and, similarly, the more effort your customers have to put into signing up for your tracking endeavors, the less likely they are to participate.
How to track your custies
With that in mind, here’s our guide on how to track your repeat customers in the least creepy ways possible!
1. Phone number
Exactly what it sounds like. This is probably the easiest (and most hassle-free) way to track your customers, since both you and the customer can enter it (via your computer or the card scanner, respectively) and pretty much anyone regardless of age has one.
You can also ask for a name along with the number to verify if you deem it necessary—doing so will make it easier to identify new members of a family shopping under the same 10 digits.
2. Email address
A safe alternative for those worried about ending up on a call list. While it takes longer to input and verify, the moral majority of customers will feel safe giving you their secondary email address. The impact on their personal life is minimal, and it’s easy to send a survey their way every once in a while to ensure retention.
Again, you can plug this into your computer or ask a customer to do so if you have one of those fancy touchscreen card readers (and if you don’t, treat yo’self—it’s time to upgrade).
3. Card number
A less-safe alternative for the technologically paranoid. While you can easily corroborate a card number and a customer purchase record, there are two glaring issues: one, your customers may pay cash, thereby negating your process; and two, tightening security restrictions and their accompanying liability risks make this an unattractive option.
Nevertheless, the right software should take care of this for you.
4. Geofencing apps
If your customers are willing to fulfill two bits of criteria — having a smartphone and downloading your app — then using a customized geofencing app is a quick and easy way to target your repeat customers. Keep in mind, though, that downloading an app may be too much effort for some people.
I’d love to tell you I’m joking.
5. Mobile apps
Kind of the same as the geofencing apps, except with a little more autonomy on the part of the customer. Make sure your app has a QR code and have your customers present said app at checkout.
Still not the best way to appeal to a large consumer base, but a store-specific app is a little less intrusive with push notifications than a geofencing app.
6. Loyalty cards
In a lot of ways, having a loyalty card is the best way to make this system work equally for you and the customer: you reap the financial benefits of customer retention, and your customers get special in-store deals and discounts.
Again, though, the initial sign-up process and the act of entering a number (or swiping the card) each time they hit the register might be too much of a hassle for some customers. Make sure your employees are really pushing the loyalty card at checkout, and be prepared to dish out some really sweet deals; if your business isn’t financially equipped to do so, you might want to stick to just taking down a phone number.
7. Voucher codes
Similar to the loyalty card approach. You might consider assigning a tag to each customer with a custom 6-digit number or a bar code, though—doing so will remove the annoying sign-up process, and frequent shoppers will likely memorize their respective codes after a couple of subsequent visits.
8. Wifi tracking
Providing your customers with free Wi-Fi accomplishes two goals: it makes you the coolest store on the block (like, soccer-mom-who-brought-Gushers cool), and it allows you to track your returning customers’ MAC addresses (less to do with Gushers, but equally cool).
If you’ve got the right software, you might even be able to broadcast deals or incentives on the wifi login page.
9. ZIP code
“Postcode” if you aren’t in the United States. Ask customers to give you their ZIP codes, then enter their answers into your work station — it’s as simple as that.
You can stop the buck there if you’re simply trying to gather regional statistics, or you can ask for their name (first and last would be preferable) to match it with their ZIP. Even though there’s an extra step here, asking for a ZIP code is arguably less personal than asking for a card number or the like.
10. Facial recognition
Not exactly the least obvious answer here, and definitely not the least expensive. If you want to go for facial recognition, you’ll need to fork out for the appropriate software and hardware. This approach will probably work better for small businesses with a few high-profile clients than it will for those with a steady daily stream of customers.
Accompanying 1984-themed “Big Brother is Watching” posters will likely be sold separately.
You’ve got options
The way you approach customer identification will depend on a variety of limiting factors — your budget, your desire to protect your customers’ privacy, your company culture — but at least one of these techniques should work for your business, regardless of size or technological limitations.
Best of luck to you in your omnipresent endeavors, everyone.
Keep your company’s operations lean by following these proven strategies
(BUSINESS) Keeping your operations lean means more than saving money, it means accomplishing more in less time.
The past two years have been challenging, not just economically, but also politically and socially as well. While it would be nice to think that things are looking up, in reality, the problems never end. Taking a minimalist approach to your business, AKA keeping it lean, can help you weather the future to be more successful.
Here are some tips to help you trim the fat without putting profits above people.
Artificial intelligence frees up human resources. AI can manage many routine elements of your business, giving your team time to focus on important tasks that can’t be delegated to machines. This challenges your top performers to function at higher levels, which can only benefit your business.
Consider remote working
Whether you rent or own your property, it’s expensive to keep an office open. As we learned in the pandemic, many jobs can be done just as effectively from home as the workplace. Going remote can save you money, even if you help your team outfit their home office for safety and efficiency.
In today’s world, many are opting to completely shutter office doors, but you may be able to save money by using less space or renting out some of your office space.
Review your systems to find the fat
As your business grows (or downsizes), your systems need to change to fit how you work. Are there places where you can save money? If you’re ordering more, you may be able to ask vendors for discounts. Look for ways to bring down costs.
Talk to your team about where their workflow suffers and find solutions. An annual review through your budget with an eye on saving money can help you find those wasted dollars.
Find the balance
Operating lean doesn’t mean just saving money. It can also mean that you look at your time when deciding to pay for services. The point is to be as efficient as possible with your resources and systems, while maintaining customer service and safety. When you operate in a lean way, it sets your business up for success.
How to apply to be on a Board of Directors
(BUSINESS) What do you need to think about and explore if you want to apply for a Board of Directors? Here’s a quick rundown of what, why, and when.
What does a Board of Directors do? Investopedia explains “A board of directors (B of D) is an elected group of individuals that represent shareholders. The board is a governing body that typically meets at regular intervals to set policies for corporate management and oversight. Every public company must have a board of directors. Some private and nonprofit organizations also have a board of directors.”
It is time to have a diverse representation of thoughts, values and insights from intelligently minded people that can give you the intel you need to move forward – as they don’t have quite the same vested interests as you.
We have become the nation that works like a machine. Day in and day out we are consumed by our work (and have easy access to it with our smartphones). We do volunteer and participate in extra-curricular activities, but it’s possible that many of us have never understood or considered joining a Board of Directors. There’s a new wave of Gen Xers and Millennials that have plenty of years of life and work experience + insights that this might be the time to resurrect (or invigorate) interest.
Harvard Business Review shared a great article about identifying the FIVE key areas you would want to consider growing your knowledge if you want to join a board:
1. Financial – You need to be able to speak in numbers.
2. Strategic – You want to be able to speak to how to be strategic even if you know the numbers.
3. Relational – This is where communication is key – understanding what you want to share with others and what they are sharing with you. This is very different than being on the Operational side of things.
4. Role – You must be able to be clear and add value in your time allotted – and know where you especially add value from your skills, experiences and strengths.
5. Cultural – You must contribute the feeling that Executives can come forward to seek advice even if things aren’t going well and create that culture of collaboration.
As Charlotte Valeur, a Danish-born former investment banker who has chaired three international companies and now leads the UK’s Institute of Directors, says, “We need to help new participants from under-represented groups to develop the confidence of working on boards and to come to know that” – while boardroom capital does take effort to build – “this is not rocket science.”
NOW! The time is now for all of us to get involved in helping to create a brighter future for organizations and businesses that we care about (including if they are our own business – you may want to create a Board of Directors).
The Harvard Business Review gave great explanations of the need to diversify those that have been on the Boards to continue to strive to better represent our population as a whole. Are you ready to take on this challenge? We need you.
Average age of successful startup founders is 45, but stop stereotyping
(BUSINESS) Our culture glorifies (yet condemns?) startup founders as rich 20-somethings in hoodies, but some are a totally different type.
There’s a common misconception that startups are riddled with semi-nerdy, 20-something white dudes who do nothing but sip Nitro Brews and walk around the open office showing off the hoodie they wore yesterday. It turns out that it’s extremely rare that startup offices resemble The Social Network.
However, the academic backdrop for the real social network story (AKA Harvard), produced statistics that will serve to put the aforementioned misconception to rest. According to the Harvard Business Review, the average age of people who founded the highest-growth startups is 45. Say what?! A full-fledged adult?!
In fact, aside from the age category of 60 and over, ages 29 and younger were the smallest group of founders that are responsible for heading the highest-growth startups. I guess you can accomplish a lot when you’re not riding around the office on a scooter all day.
The study also found that older entrepreneurs are more likely to succeed. The probability of extreme startup success rises with age, at least until the late 50s. It was found that work experience plays an important role.
Many will argue, “Well, what about someone like Steve Jobs?” You could easily argue right back that it took Jobs until the age of 52 to create Apple’s most profitable product – the iPhone.
The study continues to answer questions like, why do Venture Capitalist investors bet on young founders? This goes back to the misconception at the start, and there’s a notion that youth is the key for successful entrepreneurship. Wrong.
There is also the idea that younger entrepreneurs are likely working with less financial options, so it may be common for them to take something from a VC at a lower price. As a result, they could be viewed as more of a bargain than older founders.
“The next step for researchers is to explore what exactly explains the advantage of middle-aged founders,” writes Pierre Azoulay, et al. “For example, is it due to greater access to financial resources, deeper social networks, or certain forms of experience? In the meantime, it appears that advancing age is a powerful feature, not a bug, for starting the most successful firms.”
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