Payment Marketing is how businesses are turning transactions into relationships, so restaurants spend less time processing credit cards and more time with customers to boost revenue.
Most small business owners take on five or more roles within the organization – multitasking to keep operations humming, delivering your product along with excellent customer service. Marketing often falls by the wayside and local business owners’ biggest complaint about marketing is that it’s too expensive and too time consuming. They also aren’t sure if the marketing campaigns they do launch are returning any of their investment.
Adam Broitman, Editor at Adage predicts that due to technology advances, history may designate the years between 2012 through 2015 as a renaissance in customer loyalty. “The tactics and technologies required to implement a loyalty program have been displaced”, says Broitman.
That’s why savvy businesses see a future where new technologies can integrate marketing with payment processing services to grow sales. You’re already using a payment processor to accept credit cards, why shouldn’t you be able to monetize the mountain of customer data that they collect with each transaction?
3 Benefits of an Integrated Payment System
1. An integrated payment system takes the data from each transaction and tells you more about your customers.
For years, successful online retailers like Amazon and eBay and online retailers like Wal-Mart and CVS have extracted the data that lives in credit card transactions to launch smarter marketing programs. This spend data helps big brands send personal messages to consumers, deepening long-term relationships with their most profitable customers.
2. An integrated payment system helps you turn that data into something you can act on.
Payment Marketing automatically helps you tell customers about offers that you know they’ll love when and the timing is right…all based on prior shopping history. It analyzes the credit card spending patterns of your customers, and includes a marketing platform that prompts you to send them a custom email when they haven’t visited in a while (“Here’s $10 off your next visit!”) or when you want to let them know you’re thinking of them (“Happy Birthday, here’s a special gift!”). With this kind of technology, you can make better marketing decisions faster and take action immediately.
3. An integrated payment system helps you measure those marketing campaigns.
Payment Marketing is a complete system, so not only can you extract data and then use it for better marketing, but you can also track those efforts. There’s no more guessing about which half of your advertising program is working and no more launching unprofitable daily deals.
10 Questions to Ask your Payments Partner
Payment Marketing programs are often labeled “transaction marketing” or “redemption platforms”. While these buzzwords are used interchangeably, it’s important to note that all programs are not alike.
Upgrade your processing from a cost to a marketing investment
To ensure that it’s a great fit for your business, we encourage you to shop around. When you do, make sure to ask these 10 important questions:
- Do you power my processing and marketing?
- Do you support all point-of-sale and terminal systems?
- Can I stay open and conduct business while installing your technology?
- Can my consumers continue to pay with their existing credit and debit cards?
- Will my staff know how to process transactions and support the loyalty program?
- Do you provide data on all customers, not just loyalty members?
- Can I stop working with other deals and loyalty providers?
- Do you configure one-click email marketing programs automatically?
- Can I track sales, individual customer spend and daily deposits in one place?
- Can I keep my existing budgets for processing and marketing, and still take advantage of your technology?
If a technology provider answers “no” to any of these questions, you deserve more! It’s time to commit to taking back the value in your credit card transactions to grow revenue with Payment Marketing.