Tag Archives: Resources

Building Relationships and Profiting from Repeat Business

Intevacon is all about relationships —we value the relationships that we form with our marketers, and we do everything that we can to facilitate relationships between you and your customers. The Intevacon model puts the marketer directly in the center of the card processing relationship, and this is by design. It turns out that this is also a profirepeattable approach.

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. It also notes that repeat customers spend 67% more than a new customer. Watching this trend, small business owners are starting to invest more resources into developing relationships with their existing customer base.

Are you growing a base of repeat customers? An article by MediaPost notes that many small business owners do not utilize technology to their advantage when it comes to building loyalty and repeat business.

We know that c-stores account for 34.3% of all retail outlets as of December 2013, according to NACS. A recent NPD study found that the average consumer visits a c-store six times in a 30-day period, but that number has decreased by 1.3% in the fourth quarter of 2013. An article in Convenience Store Decisions quotes an NPD convenience store industry analyst saying, “It will remain a challenging and competitive environment in 2014 and retailers will continue to fight for dollars. C-stores can hold on to their base with the right product mix, selection, and quality, all of which are growing reasons why consumers choose the stores they do.”

The Intevacon fleet card and prepaid card are valuable tools to help you maintain repeat visits from your customers, both with consumer and commercial accounts. The proprietary fleet card and prepaid card can be accepted at all of your sites and allows your customers to receive level 3 card processing data. To help manage your accounts, you can give your cardholders access to the system to see their own data and run reports. The Intevacon system is intuitively designed and it gives you all of the controls that your customers want to manage their fleet accounts. With the time saved by using our system, you will have time to turn more new customer business into repeat customer business. Protect your margins by saving yourself from swipe fees, and increase repeat business by providing a fleet or prepaid card.

The Connection Economy

There is no doubt iStock_000000050552_L3that business models have shifted in the last few years.  Consumer expectations are changing every day.  Generational theory addresses the mindset shift of each new generation: Silent, Boomer, Gen-Xer, and Millennial.  Retailers are constantly attempting to understand how to cater to generations of the past and the future.  Employers are changing their strategies on hiring and retention.  Education systems are attempting new approaches to learning.  But there is more to the current shift in society than can be attributed to the changing generations.  Our economy has changed from the industrial age to the information age, and more recently the term Connection Economy has been used to describe our current state. 

I don’t know about you, but there is something almost hopeful in coining this new era as the Connection Economy.  It is hopeful because it not only comprises the advantages of a digital age, but it also marries relationship to resource.  This term was first introduced by Seth Godin in his book The Icarus DeceptionThis concept can also be found peppered throughout his blog

Excerpts from one of Seth Godin’s blogs describing the Connection Economy are listed below.  The complete blog post can be read here.

[T]he connection economy, our economy, the economy of the foreseeable future, embraces abundance. No, we don’t have an endless supply of the resources we used to trade and covet. No, we certainly don’t have a surplus of time, either. But we do have an abundance of choice, an abundance of connection, and an abundance of access to knowledge.

The connection economy continues to gain traction because connections scale, information begets more information, and influence accrues to those who create this abundance. As connections scale, these connections paradoxically make it easier for others to connect as well, because anyone with talent or passion can leverage the networks created by connection to increase her impact. The connection economy doesn’t create jobs where we get picked and then get paid; the connection economy builds opportunities for us to connect, and then demands that we pick ourselves.

Just as the phone network becomes more valuable when more phones are connected (scarcity is the enemy of value in a network), the connection economy becomes more valuable as we scale it.

Friends bring us more friends. A reputation brings us a chance to build a better reputation. Access to information encourages us to seek ever more information. The connections in our life multiply and increase in value.

In an era where relationships are rewarded with abundance and access is a privilege shared without discrimination, Intevacon is excited to participate in this new Connection Economy.  And we couldn’t be happier than to share in the abundance with our marketers.