We Got it "Right"
Remember S & H Green Stamps? Have you licked one lately? Probably not.
Sperry & Hutchinson are the inventors of member rewards. They got it.
Grocery stores and gas stations were fast becoming a commodity. How to compete? Reward loyalty. If you shopped at certain stores, you got Green Stamps. Lick enough of them to fill a book and you could buy cool stuff.
Think of PoinTracs as an electronic Green Stamp. For each dollar in finance charge your members pay, give them a point. For each dollar they earn in dividends, give them a point.
When they collect enough points (you decide) let them waive fees and buy rates up or down (again, you decide). |
