Businesses are constantly looking for ways to offer value to their customers. All of these are targeted towards either customer attraction, retention or gaining customer loyalty. The common denominator among these three is the customer. They might have been used interchangeably but they don't mean the same thing. Customer attraction is getting the customer's attention to your product or service, and letting them know your product can solve their problem. Retention is converting a one-time customer into a repeat customer. Lastly, customer loyalty, this is the height that most businesses want to attain with their customers as it involves customers being your brand advocate, spreading the word about your products or services creating user-generated content etc. 

To achieve this, businesses have had to offer different promotional offerings, categorized as customer loyalty schemes. A customer loyalty scheme is a reward to customers for being loyal to the business despite the competitive nature of the environment. A good example of such is to buy and pay in certain percentages till the total cost is covered, the payment is usually spread over a certain period. Another good example is the "buy now and pay later". The customer buys a product from you and pays nothing at the point of payment but pays at an agreed later date. Many businesses are leveraging on platforms who provide this service to retain their customers thereby offering multiple payment channels. So if you haven't got the money, don't worry you can have the product and pay later.

But in a clime as Nigeria, we are starved of such platforms, so how do you go about tracking customer debt and outstanding payment? Here is the part where SelPay comes in. SelPay has an inbuilt debt management system that helps you keep track of debtors and their outstanding payments. Notify you when payment is due for collection and update in real-time when payment is made. The customer information and amount are computed at the point of sale. This takes the stress off the manual interactions and processes.

Tell me what other customer loyalty schemes have you offered your customers previously or would you be willing to give this a try?

N.B: But need I say, you need to thread with caution, ensure you do your due diligence for customers you offer this promotional offering to.