All Posts by Randall Orser

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President/CEO Number Crunchers® Accounting Inc. Learn how to just say stuff it to this bookkeeping thing with our 'Just Say: "Stuff It" To Bookkeeping program.

Travel Booking Scams and how to Avoid Them

By Randall Orser | Personal Finances , Scams

Summer is here and it’s time to think about getting away from it all.  We all know how scammers are trying to trick us at home, but did you know that they are also busy trying to scam you out of your trip? In a report from the Association of British Travel Agents Fraudsters conned UK holidaymakers out of approx. $12 million Can in 2018 with an average financial loss of approx. $2800 Can per person. Fraudsters are using more and more sophisticated methods to target destinations and popular times of the year when demand is high, and availability is limited. People are looking for a good deal, and once they find out that they have been conned, it can be difficult and expensive to get a legitimate booking.

Here are five major booking scams to watch for and how to avoid them:

1. Fake Websites That Look Real

About 53% of travel scams are related to the sale of airline tickets.  This can include booking on a fake site, receiving an imitation ticket or paying for a ticket that you never get.  These types of scams are also common with accommodation and package deals.  Often people do not check that a site is authentic before booking and some don’t even know how to check.  

Before paying a deposit make sure the web address is legitimate.  Check the domain name, .net or .org are rarely used for shopping sites.   Also check for https:// (rather than http://) which should always be on the payment page showing that the site is secure.  Other clues to a fraudulent website are misspellings, wrong words or characters, fuzzy or low-resolution pictures of logos, trade associations and payment and card companies.

2. Being Directed Away from Trusted Sites for Payment

Fraudsters lure people away from trusted sites and request payment on a separate site, often offering a better price.  Alarm bells should also ring if you are asked for payment via an online bank transfer.

You should never pay by online bank transfer, always pay by credit card as you will get more protection from fraud.  If you are scammed, paying by credit card will give you a better chance of getting your money back.   Keep all communications on trusted websites.

3. Avoid Pop-ups Advertising “Amazing Deals”

Unsolicited promotional emails can often look legit but will sometimes click through to a fake website.  Watch out for the tell-tale signs of a fake website, and definitely avoid fake competition scams, like the current ones by phone for Westjet and Marriott Hotels.

Validate deals by logging on directly to trusted websites.  Once you know that the deal is valid use that trusted website to make your bookings.  

4. Fake Accommodation Listings

Accommodation bookings account for 25% of all reported scams.  These scams can include luxury villas at discounted rates. Sometimes the villas do not exist and other times they are offered without the owner’s knowledge.  These scams happen most often with accommodations in France and Spain.

It pays to do your research to make sure that this is a real listing, contact the owner or agent directly and again minimize risks by booking through a trusted platform. 

5. Using Unsecured Networks While Away

Booking travel when away from home can be a major security concern as your private data can be exposed via clouds and wi-fi.  The majority of vacationers use wi-fi during their trip and many do not check the security of their internet connection despite getting pop-up warnings. Public wi-fi includes both secured and unsecured networks.  Unsecured networks can be connected without the use of a password or login.  Secured networks require you to register for an account or password before connecting.   

Avoid sharing sensitive data or bank information over unsecured networks. Consider using a VPN that will encrypt your data and to help keep your connection secure.

From an article in The Guardian International Edition

How Do Credit Card Companies Make Money?

By Randall Orser | Personal Finances

If you think that because you pay off your credit card balance each month your credit card company is not making any money off of you….then think again.

Credit card companies make money in several different ways; from fees including annual fees, interest and transactions paid by businesses that accept credit cards.

Money from Interest:  

The majority of the money made by credit companies comes from interest payments that cardholders make.  If you pay your balance each month then you do not pay interest.  Look for credit cards that offer lower interest rates.

Money from Fees 

Annual Fees:  Annual fees are usually paid for cards with a high rewards rate and those for people with a less than good credit rating.  If you choose a rewards card you need to make sure that the rewards that you will receive each year are higher than the annual fee that you are paying, otherwise the card is probably not worth having and you should go for a card with no annual fee. 

Cash Advance Transaction Fees:  Unless it is an absolute emergency you should not use your credit card for cash advances.  This type of transaction comes with fees, very high interest rates and no grace period.  There is usually a fee if you are use an ATM to withdraw the money ranging from 2% to 5% or a flat fee amount such as $5.

Balance Transfer Fees:  If you transfer a balance from one card to another to get a lower interest rate, then you will usually be charged 3% - 5% of the amount transferred.  

Late Fees:  Not making at least your minimum payment by the due date will earn you a late fee.  If you are continually late it can also earn you a report at the credit bureau.

Foreign Exchange Fees:  If you use your credit card to pay for buy something abroad using your card you are charged a spot rate and an additional percentage usually 2.5%.  To avoid paying these extra fees look for a card that has no fees though they are few and far between.

Interchange Fees:  This is the amount that the merchant pays as a processing fee and it is equal to a percentage of the transaction.  This is called “interchange” and usually accounts for 1% - 3% of the transaction.  The fees are set by the payment network and are usually based on volume and value of transactions.

How you can limit the amount of money that credit card companies make from you:

  • Pay your balance in full each month to avoid interest charges.
  • Make sure you pay your bill on time to avoid late charges
  • Don’t use your credit card for cash advances.
  • Choose a credit card without balance transfer fees.
  • Pay an annual fee only if the rewards are greater than the cost.

Credit Card Terms That You Should Know

By Randall Orser | Personal Finances , Small Business

If you are thinking about applying for a credit card it pays to shop around to find the best one for you taking your lifestyle into consideration.  Things to consider are the interest rate, the annual fee (or no annual fee) and cards which offer rewards and cash back.  It is also important to know the basic credit card terms and definitions so that you know exactly what you are signing up for.

Annual Fee:  This is the yearly charge you pay to use the card and its benefits.  If you want travel points and cash back, you usually have to pay a yearly fee.  If you are not wanting the rewards or other benefits, there are cards with no annual fee.

Annual Percentage Rate:  This is the annual cost of borrowing money on your credit card.  Cards have a variety of APR rates, for purchases, balance transfers, cash advances and penalties for not paying on time.  The APR on purchases is charged after the grace period ends.

Credit Limit:  The credit limit is the most that you can spend on your card.  If you have a short credit history, then your credit limit will probably be small.  As gain more credit history your limit will increase as long as you make your payments on time.  It is important not to go over your limit, though that is difficult to do as the credit card company will usually decline transactions over your limit.   If you do go over your limit you will incur charges.

Credit Score:  Your credit score tells the lender how likely you are to pay back the money loaned to you on your card.  Everything about credit cards affects your credit score including the number of cards that you have, your entire payment history, and other factors associated with your debt history.  Your credit score can also affect other areas such as getting a loan for a house or car.

Due Date:  This is the date when your minimum payment is due, usually by 5pm on that day.  If you do not make your payment by the due date you will incur a late fee and perhaps an increased APR and a report will be sent to the credit bureau.

Grace Period:  This is the time period when interest is not assessed after a purchase is made.  With some cards there is only a grace period if you do not have a balance on your card.   

Late Payment Fee:  If you don’t make at least your minimum payment by the due date, you will be assessed a late payment fee.  The late payment fee is based on the size of your balance.

Minimum Payment:  Your minimum payment is the lowest amount that you can pay each month and still remain in good standing with your credit card company.  It will usually be between 1% and 3% of your outstanding card balance.  Paying only your minimum payment each month is not good for your credit score and it will take you a long time to pay off your debt.  

Revolving Balance:  A revolving balance on your credit card is the amount of your credit limit that you have used and not repaid.  This is the part of your credit limit on which you pay interest every day because you did not pay it off at the end of the previous month.  If you pay your balance in full each month you will not have a revolving balance.

Security Code (CVV):  The security code or Card Verification Value (CVV) on your credit card is mostly used when you make online purchases.  It keeps your card safe from credit card skimmers as the CVV code is not included in the magnetic strip on your card.

For more information about credit cards go to:                                          https://www.canada.ca/en/financial-consumer-agency/services/credit-cards.html 

Does Your Small Business Need a Consultant?

By Randall Orser | Consulting , Small Business , Technology

Most small business owners are very hands-on and want to be involved in all aspects of their business.  They find it difficult to delegate tasks to employees or outside consultants.   

However, as their company grows, they may find that too much time of their time is being spent on activities that others could do just as well or better, so they should consider hiring a consultant.  They  need to decide what their time is worth vs the cost of contracting out some tasks.

Bookkeeping and Accounting

For those who find bookkeeping tedious or if the business has a large amount of transactions it makes sense to let a professional handle it.  A bookkeeper can usually keep your record keeping up to date in a few hours a month.  They can pay your bills, do payroll, submit invoices, pay government taxes and get your accounts ready for the tax season.  

An accountant will keep you updated on tax laws, make recommendations such as when to incorporate and give you financial advice to grow your business.  You may only need them for a few hours a year, but it may be well worth the cost.

Information Technology (IT) Services

Technology changes at a rapid pace and most businesses need the help of an IT consultant to keep up and to solve issues with hardware and software.  They will back up your data, set up cloud computing services, install hardware and software, provide training and advise on upgrades to technology to streamline the business and improve productivity.

Human Resources Services

Most business cannot afford a HR individual or department to deal with personnel issues, so they  hire a consultant to deal with employee relations.  HR consultants are knowledgeable about recruitment of new staff, dealing with discipline and terminations, planning training and orientations and managing employee safety and welfare.  

Marketing Services 

Attracting and retaining customers is an essential requirement for business growth. A marketing consultant can implement an overall marketing strategy and design and implement marketing campaigns. They are experienced in social media, email blitzes, website and blog promotions, press releases, flyers, and arranging educational seminars for clients.  In addition, they can set up charity event sponsorships that give your company publicity and cross-promotions with other businesses.

Legal Services

Although many legal tasks such as setting up a business name, incorporation and setting up contracts with vendors can be done by a business owner. More complex legal issues such as partnership agreements, share allocations, lawsuits, real estate or franchise agreements, and trademarks require the services of a lawyer. 

How to Hire a Consultant:

  1. Assess your needs – whether you will need weekly or monthly service or on-call emergency assistance (especially for your IT consultant).  
  2. Make a list of potential candidates – word of mouth is a common way to find a good consultant.  You can also get recommendations from the local Chamber of Commerce and by networking with other people in your business.
  3. Meet with the candidate to discuss your requirements and their qualifications to see if you are a fit.  Ask questions about familiarity with your business, when they are available especially when needed, how you can contact them and of course their rates and how they bill.
  4. Once you have decided who to hire draw up a contract for their services.

 

Why Older Workers can be a Valuable Asset to Your Business

By Randall Orser | Small Business

According to the Canadian Government, in 2014 over 6 million or 15.6% of Canadians were 65 or over.  By 2030 this number will rise to 9.5 million making up 23% of Canada’s population.  The stereotype of the doddering older person is no longer true, and in fact they can be every bit as creative, innovative and entrepreneurial as their younger counterparts.   

Many older people want to stay within the work force either in full, part time or flexible jobs, or by creating self-employment opportunities for themselves. According to the US Bureau of Labor Statistics, between 1995 and 2016 the share of men in the work force aged 65 to 69 in rose from 28% to 38%, and for women the increase was from 18% to 30%.  Self-employed and entrepreneurial older workers were the highest percentage of any age group, and five times greater than the 24–35 age group.   

Here are some reasons why hiring older workers can help you to maintain a reliable workforce and provide a significant cost savings.

  1. Employers often complain that they are unable to find qualified employees. Older workers bring their previous education and experience, are more dedicated and produce higher quality work usually with little training.  
  2.  They are more likely to show up every day ready and willing to work.  
  3.  They take pride in a job well done, often staying after hours to complete a task.  Younger workers tend to want to put their hours in then leave.
  4.  They value honesty, personal integrity and truthfulness.
  5.  They are detail-oriented, focused and attentive and can often able find mistakes such as pricing errors, spelling errors and accounting mistakes which can save the company money.
  6. They are good listeners and often only have to be told once what to do. This makes them easier to train.
  7. Older workers can set an example and can be excellent mentors for other employees.
  8. They have greater organizational skills meaning less man hours are lost due to workplace disorganization.
  9. They are efficient and confident, willing to share their experience and recommendations with fellow workers and management. This means that jobs can be done more efficiently saving the company money.
  10. They have good communications skills learned from their previous experience in the workplace.

Next time you are hiring, consider an older person for the skills, values and potential savings in time and money that they can bring to your company.  Rethinking the costs of high turnover of younger staff vs the benefits of more mature workers can make a positive difference to your bottom line.

From an article by Stephen Bastien in Entrepreneur

 

Online shopping is Booming in Canada – Be Part of This Growing Market

By Randall Orser | holiday season , Small Business

Although companies such as Amazon and eBay, command the online market, there is still room or small internet entrepreneurs with niche products or services to set up a profitable on-line business. 

Statistics show that the number of Canadians who shop online has grown from 19.5 million in 2013 to the projected number of 22.5 million in 2018.  37% of these buyers shop online monthly or more and 75% of these spend up to $200 per month. 10% report spending up to $500 per month.

The most popular items purchased on line are:  Books, music, movies and video games, electronics, smartphones, computers, clothing and accessories, appliances and tools and food. Five per cent of online shoppers purchased groceries but as more grocery stores offer home delivery, and with the coming of “DoorDash” and “Skip the Dishes” take-out delivery services, this food delivery niche market will experience major growth. 

Between 16% and 40% of people surveyed said that they preferred to shop online.  The percentage was larger with the younger age groups and less with the older age groups.


Why do people buy online – the three biggest reasons are reason are: 

  • Access to a worldwide market - Most anything you need can be purchased online including many things that are not available in Canada and a greater choice of goods.
  • Price - prices are still very competitive online but can often be less than brick and mortar stores.  In addition, many websites offer special sales for online customers only.
  • Convenience – with so many people working from home, it is much more convenient to purchase on line and have it delivered to your home, rather than braving the traffic to go to the mall.  You can also shop in your pajamas, and no one would know!  

Two of the biggest concerns for on-line shoppers were the security of their personal data, and not being able to return unwanted goods.   

Most people surveyed were comfortable setting up an online account with a retailer, but they were not comfortable when they were asked about their shopping habits.  Most Canadians trusted websites hosted in Canada with their personal information, but 76% had concerns about their information being stored in the United States.  

Many Canadian retailers allow online shoppers to return items to their brick and mortar stores giving buyers more confidence when shopping online.

VL Omni recently published their annual report on eCommerce in Canada which shows considerable growth and potential. 

  • In 2017 Canadian businesses sold $136 billion in goods and services online, up 42% year over year.
  • 62% of Canadians who shop internationally online would prefer to shop domestically.
  • 95% of small business owners bought items for their small business online
  • 23.5% facilitate “click and collect” and 68.9% allow in-store returns of online purchases.
  • Canadian businesses also sell their products through online marketplaces such as Amazon, Walmart and eBay.

Whatever your niche product or service there is still room for you in the online marketplace.  Now is a good time to consider what could offer online and to build a profitable business.  An online business provides a great opportunity if you are retired, a stay at home Mom or if you just need some extra income.  

 

Places Where it Can be Risky to Swipe Your Debit Card

By Randall Orser | Personal Finances , Scams

Canada is among the biggest per capita users of debit cards in the world and more than 99% of transactions occur without incident every year.  We are lucky in Canada that we are protected by the Canadian Code of Practice for Consumer Debit Card Services and Interac policies.  This means that your financial institution must reimburse you in full if you are a victim of debit card fraud as long as you took reasonable care to keep your account and PIN safe.   

Financial institutions are continually upgrading card security to foil would be thieves, and the introduction of chip technology means that the store terminal and your card communicate with each other during the transaction and carry out security checks to ensure that the card is valid.  This technology is very difficult to duplicate, and it means that debit card fraud losses have dropped by 92%.  Despite this protection from your bank, you should still be extra vigilant when using your card in the following places.

Non-bank ATM’s - A favourite method of stealing debit card details is through card skimming.  This happens when you swipe your card through a skimming device in what you think is a legitimate transaction.  The skimmer retrieves your debit card information which the thief will get when he picks up the skimmer.  These devices are often placed on ATM’s which are not attached to a bank, especially those in gas stations, hotel lobbies, small stores, or any outdoor locations.  As the ATM’s are not owned by a bank, they are not always well monitored so become a target for thieves. 

Mobile Vendors - Thieves can pose as legitimate street vendors swiping your card through mobile card terminals when they are actually swiping your card through a skimming device.  You should be especially careful when using your card at events, street markets and other places where small businesses process card payments remotely.

Gas Stations - Skimmers are often found here as the readers are not always well monitored.  Before you swipe your card, give the terminal a slight tug and if it does not feel secure do not swipe your card.  You should pay for your gas inside or go to another gas station.  It is better to suffer the inconvenience rather than having to deal with debit card fraud.

Self-Checkout Lines - Self-checkout lines in major retailers are also a prime target.  Skimming devices are placed over the card readers often by a team of thieves one watching the camera while one places the skimmer over the card reader.  Your information can also be stolen remotely using Bluetooth technology.  Once they have your information it can be used to create clone cards, or scan be sold on old to others for fraudulent purchases.

How you can find out quickly if your debit card has been compromised

Your bank will usually investigate if they see any unusual activity on your card and you will often be reimbursed before you even know it has happened. However, it is a good idea to continually (at least once a week) monitor your bank account so that you can report anything suspicious immediately.  Your current bank card can then be cancelled and a new one issued with a new number and PIN number.  

To try and minimize your losses consider regularly changing your PIN number, keeping only a small amount of money in your checking account and turning off any overdraft protection.  You are not liable for any fraudulent charges, but it can be a hassle dealing with debit card fraud. 

Tips to Keep Your Credit Card Safe

By Randall Orser | Personal Finances , Scams

Today, more than ever it is crucial to keep your credit card information safe.  How often do you think about the safety of your credit card transactions and what you can do to guard against theft?            

Here are some precautions to consider:

  1. As soon as you receive a new card sign the back for more protection should your card ever be stolen.
  2. Make sure that you don’t let anyone see your PIN (personal identification number) when you put it into a card reader or ATM. Always choose a number that you will remember.  Do not use birthdays, phone numbers, social insurance numbers or family names, and NEVER write the number down and save it in your wallet.
  3. Do not give out your credit card information to a caller.  Make sure that you initiate the call and know that you are dealing with a legitimate business. Never give out your number over a cordless phone as these can be scanned easily and cheaply by radio scanners.
  4. Make sure that you always get your card back after you use it and that you watch the sales person as they are processing your purchase.
  5. Always check your monthly statement and make sure that the charges are all yours.
  6. Destroy any voided or cancelled sales receipts yourself and cut up expired credit cards.
  7. Keep a list of your credit card numbers and toll-free numbers and keep it in a safe place so that you have it should you need to contact the credit card company to report a lost or stolen card.
  8. If your credit card is lost or stolen report it immediately to limit your liability.

If you are using your credit card for online purchases, follow these guidelines to avoid credit card fraud and identity theft.

  1. Only use websites that you trust. Don’t click on links in unsolicited emails as they could lead you to a fake website which has been set up to steal your information.  The safest way is to go directly to the website by typing the URL in in your web browser.
  2. Don’t make online credit card purchases from public places.  As public computers are less secure there is more chance of your information being stolen.  You are not safe even if you are using your own computer in a coffee shop, hackers have access to the same wi-fi signal and can intercept your information. 
  3. Make sure that your home computer is protected by the latest up to date anti-virus and anti-spyware from a reputable company.  Do not use anti-virus software advertised in a pop-up ad or from a link in an email.
  4. Check the reputation of a business with the Better Business Bureau if you have never bought from them before.  Do not use your credit card at any website with a poor customer service record.   
  5. Never give out more than the normally required personal information such as your address and phone number. Do not give out your social insurance number. If the site seems to be asking for more than the normal amount of information log out and don’t use it.  
  6. Make sure that the credit card entry page that you are using is secure.  To do this, check the URL in your browser bar. Secure sites have addresses starting with https:// and there should be a lock or a seal in the bottom right corner. 
  7. Avoid leaving your credit card information on the website for future purchases.  Although this is more convenient, if the site is hacked then your information could be compromised.  
  8. Always print your online purchase receipts and make sure that the amount that you are billed matches the amount on your credit card statement.
  9. Think about using a credit card with a a small credit limit to buy online.  If your account is compromised criminals will not have access to thousands of dollars.

Online shopping can be a treasure trove for fraudsters as the securities that are present when you buy at a brick and mortar store are not present online, such as using your pin number to verify your purchase.   So, it is best to take precautions to avoid the hassle of fraudulent charges and your account being compromised.

How to Know When it is Time to Fire a Client

By Randall Orser | Small Business

After working hard to acquire and nurture a client, it can be difficult to make the decision to fire that client.  However sometimes they are not worth the time and effort that you put into maintaining the business relationship. Also, keeping them can be both bad for your bottom line and also for your mental health.  

Here are some situations where you should fire a client:

  1. When the Client Become Abusive - This can take the form of threats, making disparaging remarks either to you or to others behind your back, or by being excessively rude or demanding to you or your employees.  No client is worth that amount of stress and hassle.
  2.  When the Client is Dishonest - When the level of trust between you and your client becomes eroded.  Occasional misunderstandings are normal but when clearly written or spoken understandings are continually “misinterpreted” by them it is time to let them go.
  3. When the Client Makes Unreasonable Demands - You will set the bar for expected client behavior, what is reasonable and what is unreasonable, in particular your business hours.  If they are continually trying to reach you outside of your work hours, then it could be time to say goodbye.  This also applies to clients who are unable to make decisions regarding the work you are doing for them but they still expecting it to be completed on time.
  4. When the Client is Consistently Slow to Pay Their Bills - Customers who do not pay on time are both annoying and may cause damage to your company cash flow.  Following up on unpaid invoices takes up time and costs money.  You cannot afford them so don’t keep them! 
  5. When the Client Continually Disputes or Nitpicks at Your Invoices - Clients who accept your price upfront, then when the time comes to settle your invoice argues with you in an attempt to get a reduction, are not worth keeping.  Once is enough so don’t waste and effort dealing with them again.
  6. When the Client Keeps Changing his Mind  - This can be annoying but as long as they know that changes you have to make will be added to their bill then you can deal with it.  If they expect you to make changes at no extra cost to them, then it is up to you to decide where to draw the line.
  7. When the Client Doesn’t Follow Your Advice and then Expects you to Pick up the Pieces This is a common experience in client relationships and the most professional way to handle it is to try and solve the client’s problem then not repeat the experienced by parting ways with them.
  8. When the Client Plays you off Against the Competition - It is good business practice for customers to get a number of quotes for work that they want done. It is not good business practice for them to use competitor prices or timelines to renege on or get a lower price on work that has already been agreed upon whether or not it has been done.  
  9. When Continuing to Work with the Client Could get you into Legal Difficulties - If there is the possibility of legal liability, then getting rid of this client is a no-brainer.

If you are suffering through bad client relationships, then it’s time to realise that you are wasting time on this client that could be better spent seeking out new and possibly more profitable customers.  Get rid of them!

From an article by Susan Ward

Loyalty Marketing Ideas to Retain Existing and Attract New Customers

By Randall Orser | Small Business

Are you looking for ways to retain existing customers and find new ones? Loyalty marketing is one way to encourage repeat business and it can be cheaper than trying to bring in new customers.  Here are some ideas to try in your small business.

1. Gifts

Offer limited-time giveaways or a free gift with the purchase of a new product.  This will get the attention of past customers and encourage them to revisit your business and make another purchase.

2.  No Obligation Trials

This is a good method to use if you are selling software, a subscription service, an expensive product, or a product that is usually difficult to sell. Giving the customer a limited time to try the product can encourage them to sign up for the full purchase.

3.  VIP Club

Creating an exclusive members-only club and making the client feel special will encourage them to come back to your business.  It doesn’t have to cost the client anything and it can be inexpensive for your business to implement.  Offer VIP perks like new product previews, limited time offers, expedited checkout and free samples. 

4.  Free Offers

Customers love to get something for free.  You can encourage them to purchase by offering a Buy-one-get-one free (BOGO) or a Buy-one-get-one at a reduced price.  This is a very popular way to bring in customers both past and new.

5.  Punch Cards and Points

This is a successful method to encourage repeat business that used more often in the food industry.  The more purchases the customer makes, the more they are able to get a free beverage or food.  

6.  Offering an Incentive for Doing a Customer Survey

Customer surveys help you to find out what your customers think about your business and how you can improve your service or products. You can create a survey on-line or by email (probably the most effective way), send it out in the mail or print it on a purchase receipt including a website or email address for customers to respond.  Incentives could be an entry in a draw for a prize or a money off coupon.

7.  Free Upgrades

Offering free upgrades to your service especially if you sell software or another type of app is a great way to keep customers engaged and loyal to your business.

8.  Birthday and Anniversary Perks

If you create a customer data base you can send out greeting cards or offer a price reduction or free gift when they celebrate their birthday.  This is a great way to create an email marketing list and you can offer an incentive for signing up.

9.  Creating partnerships with other businesses in your area

Shared cross store or business promotions or sales events with other businesses in your area. This can be really effective if you are in a mall or a shopping area where clients can visit a set number of stores to earn points towards a reward.

10.  Gamification

Create a game such as a scavenger hunt or bingo where customers can enter using their purchase receipts. A popular example of this type of promotion is the McDonalds monopoly game.

Loyalty incentives are a great way to bring back past customers, bring in new ones and retain current ones.  Continually using one of these ideas or creating your own will help you to generate revenue from increased sales.

 

 

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