Should PCGS offer Loyalty Awards to Members in (Ultra) Good Standing?

braddick · November 15, 2014 4:01AM

Should PCGS offer discount and priority services to members who submit on a regular basis and/or with longevity?
Kind of like what Starbucks does with their Gold Card membership (free drinks and upgrades with free downloads too).

Just a thought I've been kicking around.

lostincoins · November 15, 2014 4:19AM

A rewards program for long time members would be a nice thing to offer as many service companies do this to increase customer satisfaction and to encourage new customers to use their services. I would think a separation of consumer (hobbyist) and professional ( auction house or dealer) would need to be done. The calendar I was sent was nice and the "free" submissions with membership are nice but a continuing rewards program based on points with options of items to "purchase" using those points would be very nice. It could be as simple as discount coupons that could be printed out and sent in with submissions like Best Buy reward zone or like some credit cards do.

LindeDad · November 15, 2014 4:30AM

Very few would qualify I think.

I also think faster service for some already happen. I think that perk is in play for Authorized Dealers already.

AMRC · November 15, 2014 5:00AM

<< Very few would qualify I think.

I also think faster service for some already happen. I think that perk is in play for Authorized Dealers already. >>

This is so untrue. You pay the rate, you get the service.

TwoSides2aCoin · November 15, 2014 5:06AM

They get the award. Nobody made "coin inventory" easier, in my opinion. That's loyalty on their part. Assigning a number to every coin and adding variety attributions, grades, authentication, verification and a host of other services (not that I prefer some methods, but understand ) ? Give them boys a high five. They make my job a breeze.

Now send me my free submission forms, boss.

A geek's job is never done. I should get paid for my thoughts.

stealer · November 15, 2014 5:07AM

<< 

<< Very few would qualify I think.

I also think faster service for some already happen. I think that perk is in play for Authorized Dealers already. >>

This is so untrue. You pay the rate, you get the service. >>

It all depends on how often you submit, and who you know

lasvegasteddy · November 15, 2014 5:09AM

frequent flyers should be compensated

DonWillis · November 15, 2014 5:13AM

It all depends on how often you submit, and who you know

Stealer - that is total BS. This is your one Get out of Jail pass.

Coin Finder · November 15, 2014 5:18AM

I have been submitting since the Collectors Club started, actually before. In the first edition of the PCGS grading guide there was a coupon for a free grade and I used it. It was 1998 I think. Have been a member ever since. SO yes!!!!

wondercoin · November 15, 2014 5:45AM

I, personally, would just want PCGS to start taking credit cards again (like Starbucks). No loyalty rewards needed. If they took credit cards, I could spend tons more on grading. Why? Because, right now I am limited to the funds in my checking account to pay my grading bills. With credit cards, I could submit massive amounts of coins and worry about paying the bill 6 weeks later when the credit card was due. Heck, that gives me six weeks to sell enough coins to pay my credit card grading bills! And, I would earn enough flight miles to sample the grading results in Paris, Hong Kong, Shanghai as I fly around the world with my coins getting them graded in all the exotic places. I have a dream....

Wondercoin

sparky64 · November 15, 2014 5:54AM

<< Should PCGS offer Loyalty Awards to Members in (Ultra) Good Standing? >>

No. Just doesn't sound right.

I agree with AMRC. Pay for and get a service. So be it.

DonWillis · November 15, 2014 6:02AM

If they took credit cards, I could spend tons more on grading.

If you can pay your credit card bill you can pay your PCGS bill. We are happy to offer terms to customers who regularly spend over $5k per month.

Maybe what we should do is have a cash price and a credit card price just like the gas stations. That way we will make enough to pay for the "awards". The business where the card is used pays those fees (up to 3%), not the credit card company or the bank. Credit Card "Awards" are one of the biggest swindles being perpetuated on businesses today.

TopographicOceans · November 15, 2014 6:13AM

I like free things

Patches · November 15, 2014 6:24AM

<< If they took credit cards, I could spend tons more on grading.

If you can pay your credit card bill you can pay your PCGS bill. We are happy to offer terms to customers who regularly spend over $5k per month.

Maybe what we should do is have a cash price and a credit card price just like the gas stations. That way we will make enough to pay for the "awards". The business where the card is used pays those fees (up to 3%), not the credit card company or the bank. Credit Card "Awards" are one of the biggest swindles being perpetuated on businesses today. >>

Careful on surcharging consumers, it goes against Visa's policy...and California is one of the states.

messydesk · November 15, 2014 6:24AM

Any rewards given to such members would need to be offset by fee increases for those of us who are not at that elevated level, which is probably everyone reading this. From a consumer standpoint, I'd rather see more efficient ways for everyone to use their services (combined shipping & handling, for example).

braddick · November 15, 2014 6:24AM

<< If they took credit cards, I could spend tons more on grading.

If you can pay your credit card bill you can pay your PCGS bill. We are happy to offer terms to customers who regularly spend over $5k per month.

Maybe what we should do is have a cash price and a credit card price just like the gas stations. That way we will make enough to pay for the "awards". The business where the card is used pays those fees (up to 3%), not the credit card company or the bank. Credit Card "Awards" are one of the biggest swindles being perpetuated on businesses today. >>

So, this is one perk afforded to loyal customers.
Any chance of others?

I'm thinking along the lines of:
-Every Tenth Submission (of ten coins or more) allow for a free submission (of ten coins or less).
-Free Priority Shipping to those who submit on a regular basis (to be determined).
-Priority check-in at coin shows on submissions.
-Quarterly freebies (such as grading a 'type' of coin for free when submitted separately.

-Other ideas/suggestions?

dbcoin · November 15, 2014 7:25AM

with over 15,000 Collectors Club Members, what percentage do you think should get a loyalty program? The top 10%? 5%? 25%?

jayPem · November 15, 2014 7:38AM

I thought they do take credit cards...that's how I've always paid

Is this a new development ?

MsMorrisine · November 15, 2014 7:40AM

How about a quarterly special?

MsMorrisine · November 15, 2014 7:41AM

<< I thought they do take credit cards...that's how I've always paid

Is this a new development ? >>

I think they are talking large $$$$$ submissions

Unknown · November 15, 2014 7:46AM

This content has been removed.

MsMorrisine · November 15, 2014 8:00AM

You should worry.

Faster service smacks of favoritism. Aren't we looking towards equal footing for all?

Submit 10% by invoice price more non-new issues (year before or older coins? Non-first strike?) than the previous quarter and get an extra quarterly submission?

DeliaBug · November 15, 2014 8:58AM

To me, loyalty has nothing to do with volume.

For a 'loyalty' program, I could see something like 10 free submissions on your 10th anniversary, 25 free ones on your 25th, etc.

TwoSides2aCoin · November 15, 2014 9:09AM

<< with over 15,000 Collectors Club Members, what percentage do you think should get a loyalty program? The top 10%? 5%? 25%? >>

I think every person who reads our posts should get a free pass to Heaven, just for tolerating us this long, as well as free access to the TESTING FORUM for life.

Edit to add, I voted early and FWIW (for what it's worth), I voted NO.

Bochiman · November 15, 2014 12:13PM

<< To me, loyalty has nothing to do with volume.

For a 'loyalty' program, I could see something like 10 free submissions on your 10th anniversary, 25 free ones on your 25th, etc. >>

Agreed. The volume is more about that person making money already. The yearly anniversary is sometimes more like loyalty as many are "sometimes" submitters and collectors.

If anything, then it would be cool to get a few free submissions on certain anniversaries....5yr, 10yr, 15yr, etc.
I wouldn't expect anything else and don't even "expect" this......if it were to happen, it happens. Kind of like the Collector's Club Quarterly Specials (just, would be usable for say any coin under $2500 value or something instead of constantly changing from quarter to quarter)

mozin · November 15, 2014 2:36PM

I voted NO. I just want the workers at PCGS to always treat me like I was a millionaire collector, who submits all his coins to PCGS. I am not a millionaire collector, but I do submit almost all my coins to PCGS.

airplanenut · November 15, 2014 4:36PM

From a business standpoint, I don't think PCGS would need to do this (and therefore, probably shouldn't). Why? Competition. Starbucks wants you to choose them over other nearby coffee places. Best Buy wants you to buy from them when you can probably get the same price at multiple other online or brick-and-mortar stores. Airlines fiercely compete with each other.

But who does PCGS compete with? NGC is an obvious choice, ANACS further behind. But the fact is, for the most part, people will submit where it makes sense. There are reasons some will choose PCGS for certain coins and NGC for others. A small kickback is unlikely to change that reasoning. Thus, if PCGS doesn't have much to gain from giving something away, it means they're just losing money when they give away that reward.

Boosibri · November 15, 2014 6:52PM

<< From a business standpoint, I don't think PCGS would need to do this (and therefore, probably shouldn't). Why? Competition. Starbucks wants you to choose them over other nearby coffee places. Best Buy wants you to buy from them when you can probably get the same price at multiple other online or brick-and-mortar stores. Airlines fiercely compete with each other.

But who does PCGS compete with? NGC is an obvious choice, ANACS further behind. But the fact is, for the most part, people will submit where it makes sense. There are reasons some will choose PCGS for certain coins and NGC for others. A small kickback is unlikely to change that reasoning. Thus, if PCGS doesn't have much to gain from giving something away, it means they're just losing money when they give away that reward. >>

Exactly.

MsMorrisine · November 15, 2014 7:50PM

<< 

<< To me, loyalty has nothing to do with volume.

For a 'loyalty' program, I could see something like 10 free submissions on your 10th anniversary, 25 free ones on your 25th, etc. >>

Agreed. The volume is more about that person making money already. The yearly anniversary is sometimes more like loyalty as many are "sometimes" submitters and collectors.

If anything, then it would be cool to get a few free submissions on certain anniversaries....5yr, 10yr, 15yr, etc.
I wouldn't expect anything else and don't even "expect" this......if it were to happen, it happens. Kind of like the Collector's Club Quarterly Specials (just, would be usable for say any coin under $2500 value or something instead of constantly changing from quarter to quarter) >>

And it also fails where sometimes submitters to pcgs might be frequent submitters to NGC / ANACS

Coin Finder · November 16, 2014 1:04AM

From a business standpoint Airplanenut is correct...

Grandfathering fees for collectors club members would help them stay longer....

braddick · November 16, 2014 1:09AM

<< From a business standpoint Airplanenut is correct...

Grandfathering fees for collectors club members would help them stay longer.... >>

I think we're close to a point where it isn't so much attempting to drive business away from other grading services, yet rather to encourage those with raw coins to simply submit them for grading whereas they may not have at all.

In the Starbucks example above: Like getting those who don't drink coffee outside of home to now try coffee at an establishment.

19Lyds · November 16, 2014 5:49AM

<< ...... The business where the card is used pays those fees (up to 3%), not the credit card company or the bank....... >>

Kinda like PayPal.

19Lyds · November 16, 2014 5:55AM

<< and most likely none here qualify unfortunately. >>

I know that I don't. I haven't submitting anything all year but I do appreciate what PCGS has done for Modern Coin Collecting.

I think that coin collecting would be totally different today without the programs and processes that have been setup.

For collectors, the incentives are there, you just have to know where to look.

Wolf359 · November 16, 2014 6:31AM

I don't see any advantage to PCGS for such a program, even though I've been a near continuous member since 2003. That said, something like grading discounts of 5% for 5 years, 10% for 10 years and 20% for 20 years would
be very appealing personally.

19Lyds · November 16, 2014 6:34AM

Everybody likes FREE.........

.....unless they're the ones having to provide the FREE.

Zoins · November 16, 2014 6:55AM

How about bringing back something like the Regency slab?

Datentype · November 16, 2014 8:16AM

Wow Mitch, kind of surprises me.

NGC takes cards and they are getting me business class to paris on miles.

I am not privy to PCGS financials. I do not know what their costs are and if they truly need to do this to survive and prosper at a reasonable growth rate. It seems like the margins are kinda tight once the fees are added in. On the high side, what is it for a 5 second glance at a silver Kennedy - maybe $25/coin on the average between 69 and 70's. Say 10 coins/minute, that's about $250 gross less COGS of say 1% less production overhead, general admin etc. overhead of maybe 40%. At bare minimum 50% profit on coins that grade for that series. That's obviously a winner but on coins that they charge $8 or so, not much profit. I guess if you break it down, it could get fairly tight.....ohh and us dealers do get perks. Have you not gotten your xmas box of chocolates before?

wondercoin · November 16, 2014 8:32AM

"Wow Mitch, kind of surprises me.
NGC takes cards and they are getting me business class to paris on miles."

Mark: As it should be. I was not kidding that I would likely spend upwards of $50,000-$100,000.00 additional dollars at PCGS each year if they took credit cards. I would even use a VISA card (not AMEX). Back out less than 3% credit card costs and that still leaves a decent profit I would think. PCGS does most things right. This is one of those rare things I humbly disagree with. Obviously, Don strongly disagrees with me and he is a smart businessman who makes the calls at PCGS. He is making PCGS a great deal of money as their President and I respect that. I am just responding to this thread on what PCGS might consider offering "loyal customers in ultra good standing". In the meantime, enjoy Paris Mark. I took my wife there for our 25th Anniversary last year for about three weeks. I know of one of the great (secret) restaurants in Paris with a world class chef where dinner is about $50(US)/person. Shoot me a note when you are over there and I will try to get you a reservation in his restaurant that is usually sold out weeks, if not months, in advance.

Wondercoin

edited to add ... I am OK with no credit cards in "bulk" as those discounted fees already factor in a non-credit card being used. My comments pertain to all other submission in the office, shows and events.

coinkat · November 16, 2014 8:53AM

I voted no-

Mainly because Collectors U/PCGS created the forum and do other things that benefit collectors in general. The other consideration is the PCGS product (the graded coin/slab) really has a customer beyond the collector or dealer that submitted it. How would PCGS reward a collector that buys PCGS graded coins from dealers or at auction but does not directly submit coins?

astrorat · November 16, 2014 8:59AM

Is the inability to pay with a credit card only for dealer member submissions? I just submitted some coins a few weeks ago and was able to pay with a credit card.

As to the OP question, no PCGS should not as it would just increase costs as someone has to pay for it.

Besides, what incentive would PCGS have? The are the market leader and, from the way many here respond, have a following so dedicated that some seem to prefer submitting coins over food and shelter.

Seriously, it would be foolish for a company to create a "loyalty" award if there is little risk for those "loyal" members to change companies.

Datentype · November 16, 2014 9:00AM

Mitch sounds awesome but we just pop in Paris and change planes for Southern Germany, Switzerland and Austria (hopefully not ISIS strongholds). All for 240,000 miles RT. Takes a while to accumulate that many miles. Things are so hot at PCGS they do not even need our business as they have more than they can handle year round. Not sure if that will keep up next year but 2016 will be a good year at the grading companies too. At some point things will turn our way and they will accept our money again hopefully

MsMorrisine · November 16, 2014 9:06AM

<< "Wow Mitch, kind of surprises me.
NGC takes cards and they are getting me business class to paris on miles."

Mark: As it should be. I was not kidding that I would likely spend upwards of $50,000-$100,000.00 additional dollars at PCGS each year if they took credit cards. I would even use a VISA card (not AMEX). Back out less than 3% credit card costs and that still leaves a decent profit I would think. PCGS does most things right. This is one of those rare things I humbly disagree with. Obviously, Don strongly disagrees with me and he is a smart businessman who makes the calls at PCGS. He is making PCGS a great deal of money as their President and I respect that. I am just responding to this thread on what PCGS might consider offering "loyal customers in ultra good standing". In the meantime, enjoy Paris Mark. I took my wife there for our 25th Anniversary last year for about three weeks. I know of one of the great (secret) restaurants in Paris with a world class chef where dinner is about $50(US)/person. Shoot me a note when you are over there and I will try to get you a reservation in his restaurant that is usually sold out weeks, if not months, in advance.

Wondercoin

edited to add ... I am OK with no credit cards in "bulk" as those discounted fees already factor in a non-credit card being used. My comments pertain to all other submission in the office, shows and events. >>

and the elephant in the room? asking for 45 day terms?

wondercoin · November 16, 2014 9:13AM

Sounds like a great trip Mark. I was just in Vienna in Sept. and loved it. After a week, I finally found the perfect schnitzel.

Astrorat ... Yes, there is a convenience level where credit cards are accepted.

Wondercoin

astrorat · November 16, 2014 9:32AM

<< Is the inability to pay with a credit card only for dealer member submissions? I just submitted some coins a few weeks ago and was able to pay with a credit card.

As to the OP question, no PCGS should not as it would just increase costs as someone has to pay for it.

Besides, what incentive would PCGS have? They are the market leader and, from the way many here respond, have a following so dedicated that some seem to prefer submitting coins over food and shelter.

Seriously, it would be foolish for a company to create a "loyalty" award if there is little risk for those "loyal" members to change companies. >>

Edited for spelling ...

pennyannie · November 16, 2014 10:59AM

I do not submit much but I do prefer to use the plastic when I buy anything over the net and not in person. I have no problem if the policy in place says otherwise. I can see wondercoins reasoning. I myself have been self employed for decades and sometimes I just like to hold onto my cash for 30 days.

I have not submitted in a long time so I do not know if pcgs is a prepay and wait, or pay on shipment back but I am not a fan of prepay and wait a few weeks with funds tied up. Some companies do this that I deal with.

I am not a fan of loyalty programs in general

Should PCGS offer Loyalty Awards to Members in (Ultra) Good Standing?

Comments

Leave a Comment