After 12 years and more than half a billion dollars in rewards, Fly Buys is launching Fly Buys for Business, a programme designed for the small to medium sized businesses market.
Small to medium sized businesses (SMEs) account for 37% of New Zealand's GDP - more than NZ$30 billion annually - and according to the Department of Statistics, around 97% of businesses are defined as SMEs. But due to their size, SMEs have historically received relatively little recognition for their loyalty to the companies from whom they purchase products and services. But this may be about to change.
Fly Buys for Business will enable owners of small and medium-sized enterprises to collect Fly Buys points on their business spend across a range of participating companies who specialise in offering goods and services to SMEs.
According to Andy Symons, Loyalty New Zealand's Chief Executive, SMEs have historically been difficult customers to reach. They tend to shop around and have limited loyalty to particular suppliers, while their spend often falls below the threshold required to be assigned an account manager.
By launching Fly Buys for Business, Loyalty New Zealand is creating an opportunity for companies that service SMEs to reward their customers though a programme that New Zealanders have already embraced. Symons says that, in addition to rewarding and retaining customers, the programme will allow them to develop relationships and grow their sales with businesses that are currently anonymous to them.
Loyalty New Zealand is actively acquiring new participants who specialise in providing goods and services to businesses, and has recently brought on board Packaging House, Protector Safety and Blackwood Paykels, bringing the number of brands from which businesses can collect Fly Buys points to fourteen.
Given the scale of purchases by SMEs, businesses who sign up will typically be able to get bigger, better and more rewards. Based on three typical small business categories - a builder, a small restaurant and metal work manufacturer - most small businesses can expect to collect between 2,500 and 6,500 points per year based on conservative estimates of expenditure. This is enough, for example, to get a Bose iPod Sound Dock, a quad biking experience for four, a Sony hard drive DVD or a Foosball table.
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