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Tuesday 16 April 2013

Get the most out of your points

These days it seems like all the major (and not so major) retailers are competing for your business. One of the major customer retention strategies that are employed are customer loyalty programs. These are designed to provide incentive for people to keep coming back and spending money. In general there are two major types of programs used. One type is to give customers immediate discount upon a service or item purchased, while the other works on a point based system, in which the customer collects points which they can redeem for various goods or services. The points based system is very popular, and if used correctly can earn big rewards for the customer. Here are some tips to get the most bang for your buck with collecting reward points.

Get a card you will actually use: Try to limit the number of cards that you collect points on. Having lots of cards may seem like a good idea, but it will never allow you to collect a substantial amount. It is also important to look for convenience. So do not bother collecting point for retailers that you have to go out of your way to frequent-because you never will.

Look for bonus days: Many loyalty programs offer bonus day. This brings more customers into the store and the incentive is that if they shop they will be able to earn more than the usual amount of points. This is a great idea for customers, who may choose to do the majority of their buying on these select days to earn more points.

Get cards that work in many locations: Many loyalty programs have now partnered up with credit cards. This is a great opportunity for customers to earn more points. Sometimes with loyalty programs you can earn points only if you buy in select locations but through a partnership with a credit card you can use your buying power anywhere and still collect points on the things you want to buy.

Have an end goal: Collecting points can be a lot of fun and you want to keep it as such. Therefore it is not a good idea to collect points indefinitely with no end in sight. Pick an item to work towards and at the end use your points to acquire it. In other words keep your eyes on the prize. Next time build up your points for something different.

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