Circuit Board Manufacturer
A circuit board manufacturer produces circuit boards in the UK with 294 active and 300 archived clients. The directors of the company know their existing clients are not putting all of their business through them and aim to achieve a greater share of their spend.
TO GROW THE BUSINESS THEY CAN:
- Source new clients.
- Lower prices (would result in a race to the bottom).
- Increase the share of the existing client’s wallet and build on the hard work of acquiring the client. A small increase in per client spend will make a dramatic effect on their bottom line.
HOW DO THEY INCREASE THEIR SHARE OF THEIR EXISTING CLIENT’S WALLET?
- Reduce price – erodes margin, may increase business, busy fool scenario
- Reduce quality – to cut back on production costs – not an option.
- Increase loyalty – by implementing a loyalty programme!
HOW TO IMPLEMENT A LOYALTY PROGRAMME?
- Create and manage own programme – expensive, requires in house knowledge/experience/skills, not core.
- Join Prosper² and utilise Prosper² Rewards and Prosper² Rewards Prepaid Mastercard® that comes with membership.
AS PART OF PROSPER² MEMBERSHIP THE COMPANY IMPLEMENTS A MARKETING INITIATIVE:
- Driven in-house, with a Prosper² partner marketing company or a mixture of both.
- The company sends out invitations to its clients to join as cardholders of the Prosper² Rewards Mastercard.
- The company rewards client orders with Prosper² Points into their own loyalty account
- Prosper² Points are rewarded as a percentage or increase of order value.
- Clients will then have the option to transfer the accumulated Prosper² Points onto the Prosper² Rewards Mastercard or use the Prosper² Points on a higher pounds per point basis for further orders (e.g. 5:1)