There is no doubt that customer loyalty is at a premium right now. Everywhere you look, there are schemes created to engage with consumers and lock in their loyalty. The petroleum industry is no different—football promos, sweepstakes, gas giveaways, reward cards, special discounts, free showers at truck stops—the list goes on.
According to a study by Boston Consulting Group, the average U.S. household has 22 loyalty-program memberships and actively uses 10. As more and more companies establish and/or refine their loyalty programs, it will only become more challenging to capture the attention and loyalty of consumers.
One of the most valuable attributes derived from loyalty programs is the opportunity to form a relationship with the customer. As discussed in a former blog post, Building Relationships and Profiting from Repeat Business, a joint study by Manta and BIA/Kelsey found that 61% of small business owners report that half of their annual revenue comes from repeat customers. The study also notes that repeat customers spend 67% more than a new customer.
The Intevacon fleet card system is designed so that the petroleum marketer maintains a direct relationship with the cardholder. This is contrary to most card programs. In the case of Visa or Mastercard, the issuer is often a bank and there is little incentive for the cardholder to feel any vested interest in the merchant. In most traditional card transactions, the merchant has no connection to the cardholder other than dispensing fuel and providing a clean restroom.
Intevacon offers the opportunity for the petroleum marketer to own the relationship with his/her cardholders, and our hope is that this helps grow business and increase revenue. Fleet business affords a more consistent and higher volume transaction than most transient consumers. The average fleet card transaction processed through our system is about $104. This is about three times higher than the average consumer spends in fuel per week. Capturing the fleet business and fostering relationships with cardholders is a coveted position for petroleum marketers, and Intevacon was created to help facilitate this relationship.
Find out more about the Intevacon Fleet Card System by reaching out at 678-739-4450 or emailing firstname.lastname@example.org.