What is the bottom line for your business? Yes, it all boils down to earning revenues and growing, but how do you plan to approach towards your goal? Regardless of what your business is, it is pretty much about increasing your sales and earning customer satisfaction. While there are too many strategies to do this, we particularly love reward programmes, because they are a sure shot way of garnering attention, building loyalty and driving your revenues.
Let us quickly discuss why reward programmes are essential, and what you can do to ensure that yours gives you a competitive edge.
What’s in it?
Strengthening customer service
Customer experience is of utmost important; something that you should ensure right from the very beginning. Forbes claims that you lose a good 79% of your visitors if they have a poor experience with you their first time. That’s huge, right? But loyalty programmes somehow strengthen it. Your customers realise that they are important to you, and so turn back to you again, and again, and again. After all, points accumulation and the rewards that follow are a good incentive for them to stay with you, and stay for long.
Building your reputation
Loyalty programmes can be regarded as a ticket to multiple benefits: for starters, they entice your new clients to stick with you after they buy from you, and they also make your existing clients feel more valued, which we have already talk about. What’s the end result? Your reputation grows, and more and more people come to know about your brand.
Plus, if you truly impress your clients, they will refer your company in their network. Word of mouth is a powerful tool, and if you bend things the right way, it can skyrocket your business.
Creating social proof
Potential shoppers conduct research, read reviews, and compare prices before they make any purchases. How do reward programmes help here? Well, if you could award your clients points for leaving reviews or a rating, they’ll gladly do it. And in turn, you build credibility while increasing awareness.
And oh, don’t forget to introduce hash tags. They might allow you to go viral.
Trying to create a loyalty programme
Creating a loyalty programme is not that hard, if you keep in mind a couple of things. Companies like power2motivate.com.au <http://power2motivate.com.au/> can help you a lot here .
- Ensure the rewards offered are desired by your customers; cash back offers generally work.
- Promote your rewards programmes on social media, brochures, pamphlets, newsletters and wherever you can.
- Constantly update the programme.
They aren’t expensive btw
So you think loyalty programmes would take up a whole lot of your resources in terms of staff and funds? Wrong. Stepping into the market and trying to gain new customers is a lot more costly than loyalty programmes can ever be. If you try to retain existing clients, you spend lesser money. So loyalty programmes don’t cost you any big guns. And let’s not forget what lies in them for you.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin