5 Ways Prepaid Cards Can Help Drive Automotive Sales
More and more businesses are using prepaid cards to help meet their needs. In the first post in our “Business Series,” we focused on how prepaid cards are the perfect incentive for market research firms and clinical studies. Now, we turn our attention to the automotive industry.
Prepaid cards have become a staple instrument for loyalty, incentive and referral programs within the automotive industry. Whether you are looking to reward, incite, promote, or simply get engaged with your agents or customer base, prepaid programs serve as an easy and rewarding tool. While reducing cost and complexity versus programs using cheques, vouchers, coupons, etc., prepaid programs also help with administration, with marketing, and with business development for the dealership.
Here are five different ways that prepaid cards can help boost automotive sales:
Dealerships want to make sure their customers are happy, because happy customers will be repeat customers, and customer retention is important for any business. Prepaid cards arm manufacturers and dealers with a tool to alleviate customer service issues with a quick and easy-to-redeem reward. If there is an issue with the car/service, or something needs to be replaced, reimburse a customer with a prepaid card that can be used anywhere Mastercard or Visa is accepted. Sending an unhappy customer a “sorry for your bad experience” in the form of a prepaid card can quickly change their frame of mind from negative to positive.
Prepaid cards can also act as a great tool to reward happy customers for sharing their experience with a good online review. A branded card–with your dealership’s name and logo–will serve as a happy reminder that your company values their business.
In order to be effective, rewards must be meaningful and easy to distribute. With a multitude of rewards and “discounts” in the automotive industry, it can be difficult for customers to distinguish between a truly meaningful reward and “just another promotion”.
Prepaid cards are the perfect incentive for a rebate program or other marketing campaign. They are quick, convenient and allow the recipient to spend rewards on whatever they choose. Instead of processing cheques or some other type of reward, prepaid cards can be distributed quickly and easily, to any number of recipients.
Some automotive dealerships give out prepaid cards as test drive incentives. The best way to really get to know a new vehicle is to drive one, so dealerships incentivize customers to come out and test-drive their vehicles.
Referrals are a powerful sales tool and a great way to grow an existing customer base, especially in the automotive industry. Dealerships are using custom-branded prepaid cards for referrals, because they are efficient, secure and cost-effective for manufacturers.
One example is the award-winning Friends and Family Auto Dealer Referral Program. Customers can earn cash rewards on a prepaid payment card for successfully referring friends, family, and co-workers to member dealerships across North America. Customers can use their referral money towards current vehicle payments, the purchase of a new vehicle, or for any purchase anywhere in the world that Visa is accepted.
Offer customers a value-added reason to love your dealership! Loyalty programs are all about interaction and excitement. The key is to interact with your customers using offers that drive them to purchase and better utilize your services. Offer electronic rewards every time your customers purchase or come in for service. Allow customers to accumulate points for both parts and service; the more they purchase or use your dealership, the more chances they have to be rewarded. This will result in increased customer communication and satisfaction, which is key to increased profits and market-share.
Motivate and reward your staff for hitting sales goals, exceeding expectations, or as a special thank for years of hard work and service. A proper incentive and recognition can help build loyalty, improve engagement, and lead to an increase in employee retention, which helps create a successful corporate culture and ensure strong sales.
A prepaid program is simple, easy-to-manage, and offers a meaningful reward where recipients can buy anything they want. Thousands of cards can be loaded in an instant, and, since they are reloadable, cards can be continually funded and easily integrated into your incentive program.
Bonus: Data Analysis
Consumer data is extremely important for companies looking to drive sales, and well-run prepaid programs have the unique ability to generate extensive customer data. With all of these programs, general purchase and spending habits can be tracked, and the data helps businesses learn about customer behaviours, which then allows them to create specific, targeted offers that meet customers’ needs. The data is easy to view and is essential for crafting effective market strategies geared towards retention and acquiring new customers.