I’ll get to why you may be losing up to 10% of your business if you don’t have one a little bit later, so keep reading.
What is CLO you might ask? Well, it stands for Card Linked Offers.
Basically, it’s a part of a Rewards Network that has eliminated the need for paper or digital coupons in favor of a Cash Back Reward to the customer.
In one particular network called Empyr, we found had a reach of over 100+ million users through over 1500+ ad partners including practically all major banks, all major airlines and many online recommendation-type websites like Yelp.com and Mogl.com.
CLO’s Are Sophisticated
CLO’s have become so sophisticated that it has also eliminated many other time-wasters for the business owner like… getting coupons designed and placed in the right venue, getting staff trained on each coupon offer, getting it programmed into their credit card terminals and the like.
One of the many benefits is that it pinpoints the exact customers that you would want to come through your door.
By that I mean you don’t waste your effort putting out paid advertisements not knowing if you are targeting the right people at the right time in the right manner.
With the standard old-time way of advertising, any business could potentially waste a lot of their money and expectations placing their coupon ad in the wrong advertising setting.
Oh yeah, I almost forgot to mention that the advertising is usually free so a business never pays for needless clicks or impressions, but it only costs them when a customer actually pays them first.
Online To Offline Transition
Now we know that people are actively shopping online for great deals and rewards, but how do they get to your offline store?
This is where “O2O” or Online To Offline marketing comes into play.
With a CLO, your “coupon” is tied to the credit card of a customer who has actually signed up through an online publisher where they spend time at.
There are many ways for your business ads to appear before a potential customer. For example, an ad might appear through a publisher’s online (clickable) bank statement suggesting that since they had visited a local pizza place recently, they might also want to try Your Pizza Place and receive a 10% Cash Back offer.
Now, if they like pizza, which pizza restaurant do you think they will be heading to next? Certainly, they will go to yours with the 10% cash back offer!
Once they see this Cash Back Offer “ad”, they sign up to link their card to receive it and it becomes extremely likely they will want to use their reward by going to the particular offline store.
Once they pay their bill at the restaurant, they get an immediate notice congratulating them and that their cash back will be sent back to their credit card or bank account next month.
And unlike regular coupons, a CLO tied to a Cash Back Rewards Program will encourage the customer to come back again and again.
Recent Study Proof
One recent 2-year study was conducted by VISA for MOGL to see what a CLO program does to increase revenue.
It actually showed an increase of the ticket size to 44.9% among CLO Program businesses vs. non-CLO businesses while increasing spend of users by 20%.
This showed that not only did customers go out to eat more often at CLO restaurants, but they actually spent more during each visit. Wow, that's what you've been looking for right?
Conversely, on the negative side, the study showed a 10% decrease in spend at non-CLO restaurants. Meaning that they were actually losing out on potential revenue.
So if you are a non-CLO restaurant or business, you need to correct this trend like yesterday.
Another great benefit of a CLO is that since it is done through online means, there is a tracking component which shows you exactly when a guest swipes their card and for how much revenue was generated.
Can print coupons do that? I don't think so. Leaving you always wondering what your ROI was for any normal print ad campaign.
So by now, if you are starting to see how to leverage this unique ROI booster called a CLO?
Well, I’ve got some good news for you.
You can easily track down more information on this at GrabMyCustomers.com.
There is a video and PDF to study, from the site, that will be beneficial in investigating it more.
So besides making more money for a business with a CLO, I think one of the best benefits is that it effortlessly cuts down on the amount of time a business owner needs to devote to generating more walk-in customers.
That said, do you need more walk-in customers?