In markets where competition is fierce and service offerings are not wildly distinct, brands are looking for ways to stand out. Outside of brand identities, core values and service, they want to give the consumer an additional reason to choose them over their competitor.
About Supercard: https://supercardblack.com
Think about an energy company, a telecoms provider or an insurance business; consumers are faced with a plethora of choice but no obvious point-of-difference. What makes consumers choose one brand over the other?
Added value used to come in the shape of a 'Parker Pen' gift with purchase or perhaps a discount when you 'buy today'. While the concept is not new, the playing field has changed. People have enough pens! Today's 'woke' consumer wants added value that enriches their lives while protecting their pocket.
Free yoga classes to focus on wellbeing, discounted flights to explore the world or a saving on eating out with the family - these offer real added value. And it is these kinds of rewards which are helping businesses chase the conversion. So effective is this method, that businesses using lifestyle and rewards subscription service Supercard can experience up to a 33 per cent lift in sales by offering their customers that little something extra.
Here, Jamie Fisher, chief commercial officer from lifestyle and rewards subscription service Supercard shares top tips on using added value in the fight for consumer conversion:
1. Know your customer:
Consumers are quickly turned off if they feel a brand does not know them and what they are interested in. This is why tactics such as vouchers at point-of-sale do not have the best conversion rates; not everyone shops at M&S so why offer everyone an M&S voucher? Giving consumers plenty of options that will enrich their lives is a far more effective tool.
2. Do not discount your brand:
Businesses spend significant time and money on building brand identities and trust amongst their target market. But when the competition gets fierce, some brands will turn to discounting to get the sale over-the-line. Discounting your product or service only discounts your brand in the long run. On the one hand you will have people who will question the integrity of the original price and therefore the integrity of your company; and on the other you will risk loyalty with consumers who spot the discounted price after they have paid a higher sum.
3. Think long-term:
Conversion should go hand-in-hand with retention. Where competitors can easily offer the same core product you do, they will relentlessly try to move your customer to their brand. Look at rewards that will give your clients a real reason to stay: can they work up to a free flight for example? Could they use their reward programme to keep active for less? This is the kind of added value consumers of today engage with and stay for.
For more information on how businesses use Supercard to convert and retain customers, visit https://supercardblack.com/
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- Contact Name:
- Jamie Fisher
- Chief Commercial Officer
- Supercard Black
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