It can be confusing knowing how to reward your most loyal customers. You want to say thank you but also entice them to maintain their custom at the same time…
This is where a reward scheme comes in! A win-win for all parties involved, we’ve summed up what makes them so beneficial:
- A reward scheme does what it says on the tin – it rewards custom, loyalty and hard work. Sometimes all that is needed to motivate someone is a little reward (and not just a “thank you” email). Travel and experiences are particularly effective when it comes to motivation, whether that be a fun day out, a weekend mini-break or a week in the sun.
- If the right targets are set for your customers, the scheme will be self-funding. How? Because when incentives are offered, customers spend more – so there’s really nothing to lose.
- Following on from point 2, revenue will be generated from those who hit their targets, but also those who don’t. This is because even if targets are missed, customers would have generally increased their spend over the scheme’s promotional period. It therefore makes sense to get as many people to sign up as possible.
- Made up of as many different tiers as you see fit, reward schemes are appealing for a variety of customers, not just the high spenders. This ensures you’re rewarding every single individual (and you won’t be seen to be prioritising one particular group).
- Whether you’re trying to entice new customers or employees, offering rewards is great news for your brand image. It could even make you stand out and elevate your company above the competition.
- As well as being positive for your overarching brand identity, a reward scheme and the subsequent events that are hosted are great for improving communication between different parts of the business – whether that’s between you and your customers, or between the customers themselves.
- Whatever the scope of the reward scheme, momentum can be maintained throughout the promotional period with an interactive website. As well as allowing you to see how many people are registered and the targets that are likely to be hit, the individuals themselves can get an overview of their progress, be inspired by the various events on offer, and even get weekly email reminders to keep them on track.
Bearing all of this in mind, it’s clear to see why companies that offer loyalty schemes enjoy better profits, customer loyalty and overall success.
Equally, in case you hadn’t already guessed, we’re experts when it comes to incentivising businesses (it’s in our name after all). Over the years, we’ve planned and delivered successful reward schemes and incentives for a range of clients – and they keep on returning year after year. We must be doing something right…
We genuinely love to share our expertise, but also to have a good old chat! So, if you’re keen to reap the benefits of a loyalty scheme, why not get in touch with our event managers? You can also find out more about our bespoke reward promotions by heading to our loyalty page.
