A returning customer is payment enough. The retail space is evolving and with new competitors entering the market each day, it is becoming increasingly important for retailers to innovate. One of the easiest ways for retailers to say thank you to customers is to create a rewards program. But retailers can make rewards programs go beyond saying thank you. Establishing a reward program can be one of the best marketing strategies that a brand can adopt.
In a study by Nielsen, it was pointed out that customers were more likely to come back to a brand with a rewards program so that they can get to the reward faster. Whether the brand is giving out points, discounts or giveaways is for it to decide. A good rewards program constitutes of a few key elements; in-depth research about the customer is the start point to success. The next basic requirement is to define the basis of rewards; what does a customer need to do to earn the reward? The next step is to keep a track of the behaviour and keep a tab on how receptive people are to the program.
The first and most obvious mistake that brands make is to think of rewards as a short term event. However, the easiest way to keep your customers interest in the brand is by updating, reinventing and rethinking how you are rewarding. Modern customers are aware and are often on the lookout for a better deal. Knowing that a customer rewards program isn’t timeless is essential.
Brands need to go beyond ’selling’. Personal communication is going to keep customers coming back. When creating a rewards program, brands must not hesitate in being generous with the most loyal customers. Putting in the effort to ensure that customers know that their well-being is being considered.
Make rewards actually rewarding. Ensuring that the rewards program in a way helps customers get to an object they desire. Whether it is a cash discount at the end of the year or a specific object that they can win over a period of time. Understand that customers are investing time and money and need to be acknowledged.
Retailers can start by rewarding repeat business. If the brand has a card or points, then rewards need to given out in a timely fashion without any hassle.
Another way for retailers to attract customers through rewards is to not even to create a direct reward, but a great reason for them to engage with the company. Many electronic companies offer free delivery, setting up, some even go on to help customers dispose of their products in a responsible manner. Especially when it comes to electronics. For example, batteries and outdated equipment that have a potential to create issues if not disposed of properly.
A rewards program is meaningful only if the customer sees value. At the end of the day, retailers must aim to deliver a reward that feels like a reward. One that the customer values and remembers. The rewards need to be enticing enough for the customer to be curious about the brand and the rewards themselves.
Create a program with RewardPort and give your brand the edge it deserves.