In the world of marketing, the consumer is the king and having said that one of the best ways to maintain brand loyalty is to treat them right. Offering your customer a little bonus for purchasing or using your product or service is always much appreciated. Now, through rewards programs, you can give them just that. It is a great marketing tool and an effective way to boost any business, concerning size and reputation, be it online, or in the material world.
What are Rewards Programs?
Like its name would suggest, a rewards program offers an individual who interacts with a company or business in a particular way – anything from registering to a website, making a purchase, writing a review, or even making or sharing a social media post promoting it – with a reward or a bonus. These rewards can be anything, depending on what your business deals with, from discounts to cash back, coupons, or points that can be redeemed later. You can award exclusive access to premium content, maybe even a free product or two.
Who Does It Benefit?
Reward programs are a two-way street, benefiting both parties. They not only increase the chances that a customer will stick with you, but they also increase the frequency of engagement. A free coffee after three visits to a café? That’s quite a deal, and the customer will most probably come back three more times, to avail his free drink. A 10% discount to share an app with five different people? That’s marketing for you, as well as five potential customers. Reportedly, referrals work much better than other forms of advertising, as most people trust a known source over a paid advertisement. Anything from a tweet to a Facebook share for a small reward could improve your brand’s current standing, as well as increase sales/traffic.
With the amount of competition and the number of options available in the world these days, it is imperative for you to keep your consumers coming back for more. Studies show that it is less expensive to retain an existing customer than it is to attract a new one. Also, a new patron tends to spend less money than an old one. So it’s a pretty shrewd business deal, a win-win situation. Additionally, the more lucrative your deals are, the more new customers you will attract.
Rewards platforms are companies that help you set up and launch your own rewards programs for your customers. Continually coming up with new offers and bonuses to keep your clientele engaged can be somewhat tricky. They make customer relations seamless, and manage everything from emailing your consumers, updating them about that wild new VIP package and what it entails, to creating referral codes, and partnering with one unboundedly be a wise business move.