Have you ever thought about how much your credit card benefits matter to you? As a customer who has just made a purchase using their credit card, you may be wondering if this is going to make a difference for your wallet.
With every purchase, you’re given the option to earn reward points and earn cash back – sometimes even double what you paid for. But, you may be wondering, what are all these points and rewards actually worth?
That is a question credit card marketers should be asking themselves. By answering this question, they can determine how to best market their credit cards to you, the customer.
Here are just a few examples of what credit card marketing can do for you:
Boost Customer Relationships
As a business owner, customer, or an employee, you are most likely very familiar with the importance of good customer relations. Having a good relationship with your customers means you can gain their trust, which in turn means you can gain their business. But, what happens when your customer doesn’t feel the same way about your business?
One way credit card marketers can help is by demonstrating to customers that they are valued members of the community. Not only does this make your customers feel good about themselves, but it makes you seem better, as well. When customers feel they have a positive impact on the world, they tend to feel good about themselves. In turn, this creates a better experience for all parties involved.
Attracting New Customers
Every business owner, manager, or employee knows the importance of attracting new customers. If you want to grow your business, you must attract new customers to become your advocates and regulars. One way credit card marketing can help with this is by offering special deals and discounts to people who have never heard of your business.
If you are able to offer some special deal that is well-advertised and appeals to your target audience, you can encourage them to share your offer with their friends and family. This can help you achieve rapid growth without having to resort to extreme measures like paid advertising or offering free samples.
Generating Extra Revenue
If you’re able to generate extra revenue from a source or channel you didn’t even think of, why not? When you’re running a business, every penny counts – especially when you’re trying to make ends meet and generate revenue to grow your business.
You may be wondering if there are additional ways you can make money from your credit cards. One way is through the purchase of premium goods and services. If you’re using your credit card at an online retailer who accepts them, you may be able to access premium items like diamond studs, luxury watches, or airline tickets. By pitching these as special offers to your customers, you may be able to gain some extra revenue without having to spend a penny.
Grow Your Email List
An email list is one of the most effective tools a business can have. Not only do you have a ready audience of people who want to hear from you, but you can also use email to promote your products and services and drive sales. The key is to build a reputation as a trusted source of information and to gain the confidence of your audience. Which leads us to our next point…
Create A Trusted Reputation
In the same way you would trust a friend with your credit card information, you can establish a similar relationship with your customers. One way you can do this is by adding a credit card verification step to your checkout process. By having them enter their credit card information once, they will feel more secure in knowing this information is safe and that their order will be processed as quickly as possible. Doing this also allows you to focus on more important things – like shipping. If your order takes longer to process than you expected, you can be sure that shipping is not the issue. Your verification step is.
Reduce Order Processing Times
One of the biggest enemies of any business is poor processing times. When an order takes too long, it not only affects customer satisfaction, but it can also cause them to take their business elsewhere. A quick & easy checkout process is one of the most important aspects of any good customer experience. The better the experience, the more likely your customer is to come back for more.
When someone adds a few extra steps to your checkout process, it takes time. The fewer steps an order has, the quicker it will process – and the better your customer experience.
Higher Average Order Values
When you establish a trusted relationship with your customers, you’re given the opportunity to communicate with them on a more personal level. One of the ways you can do this is by offering special deals and discounts that are only available to people who contact you directly. Another way is by giving out freebies to people who visit your website or enter your promotional code on a popular review site. These two things alone can help you gain some extra revenue – and it doesn’t even need to be on your behalf.
If you’re using a coupon code on a purchase, you may already be generating some extra revenue – but did you know there were other ways to make money from your credit cards? By understanding how credit card marketing can help your business, you can begin to see the big picture – and how you can use credit cards to your advantage.