The Paytronix Convenient Connections Summer Series is a five-part blog that explores successful loyalty campaigns that convenience stores can use to drive user engagement, win back customers, successfully segment customer groups, and ultimately drive incremental revenue. Look for the Summer Series throughout the months of August and September.
A successful loyalty program has been proven to be the ultimate tool for the wise marketer. Loyalty programs drive customer engagement and spend, build and strengthen the relationships between the brand and the consumer, and provide invaluable insight into customers’ behaviors and preferences.
A truly effective loyalty program must be cultivated and monitored, with regular tweaks and upgrades. This includes choosing the right campaign for the desired outcome, whether that’s winning back a lapsed customer or engaging a new loyalty member.
Engaging new members is critical as it not only shows the member the value in the program so they’ll continue to use it, but it’s also a primary indicator of whether that customer will continue to visit.
Getting a customer to register for the program at all is already a strong indicator that they’ll return. But Paytronix data shows that customers who visit three times after registering have a nearly 90% likelihood to return. It’s around this point that the likelihood of a next visit plateaus, so that third visit is the goal to strive for. […]
Recent events have brought systemic racism into clear focus. As a step forward, we are following the lead of many great companies, like Nike, Twitter, Target, Ben & Jerry’s, and a growing list of others by adding a company holiday dedicated to Black equality, beginning with this Friday, June 19th (Juneteenth).
Here at Paytronix, we employ bright, curious, and empathetic people, many of whom are engaged directly in the fight against racism. Members of our team have been involved in the Black Lives Matter movement, including taking part in marches and protests. Our hope is that we can use this Juneteenth holiday time to read, reflect, and help as we look to change our society for the better.
We have shared books, documentaries, and podcasts, with one another over the course of the last two weeks and thought you might enjoy them as well. Here are links to a few items that may inspire all of us to be part of the solution.
Suggested books, documentaries, and podcasts:
COVID-19 has had a tumultuous effect on your business and, in turn, our business as well. We are all experiencing difficult times. Clients like you have shared with us how important our services have been in navigating the current situation, from sending a historically large volume of messages to quickly launching additional touchless solutions.
I am writing to give you an update on what we are doing to ensure that the Paytronix platform is available to you now and for years to come.
Our primary move was to secure our financial future by obtaining an additional $10 million in funding, led by Great Hill Partners and our company’s cofounders. This funding represents the faith that we have in Paytronix. […]
Industry performance and leading indicators of an improved outlook are top of mind as we enter week 8 of the COVID-19 crisis.
On the restaurant side, sales and visits bottomed out in late March and were down between 60 and 70 percent when compared to pre-COVID trends. Today things have improved so that sales are now “only” down 50 percent as compared with pre-COVID, up from a low of 60-70 percent.
In the chart below, you can see the following:
- Beginning around March 12, 2020, restaurant sales declined rapidly, and by March 18 week-on week sales were down more than 50%.
- The decline continued until late March, by which time sales were down ~60-70% from pre-COVID levels.
- Sales stabilized from late March until around April 7, 2020.
- Since April 7, 2020, we have seen sales start to recover. Every day (except two of them) has seen higher sales than the previous week. The large spike was caused by Easter Sunday.
- ‘Overall, restaurant sales are up 10% from the time sales bottomed out in March and are now at approximately 50% of pre-COVID levels.