When it comes to retaining your customers and staff, loyalty can be your most valuable business asset. It’s about making sure your customers are motivated to choose you over your competitors, and ensure your employees are inclined to work for you, rather than looking elsewhere.
You shouldn’t underestimate the value of making an emotional connection with your customers and your staff – this is where a customer loyalty programme and employee incentives reward schemes can help.
Loyalty from customers and employees is important because it impacts the bottom line:
There are different ways to build loyalty with your customers. Introducing a loyalty or customer reward programme, like a points programme, can be particularly effective. These allow the customer to collect points, which, overtime, can be redeemed against products within a reward catalogue.
Within a B2B environment, companies can encourage their customers to buy certain product lines or eligible items that are part of a promotion, and in turn receive reward points. The incentive of purchasing these products can motivate them to keep coming back to your business, while building up their customer relationship with you. Word of mouth about such schemes and advertising can bring in new customers too.
Customer reward programme like this also enable you to monitor your customers’ behaviour. You can track their spending habits, learn about what they buy and when and use this knowledge to nurture the customer relationship – offer specific deals on what they buy most to cement their loyalty further.
A rewards programme can also be used as an employee incentive to drive motivation and boost loyalty across your workforce. This could be focused around monetary rewards like a team bonus scheme, or a programme tailored to an individual’s tastes.
Staff can select from a catalogue of rewards that offers something for everyone, from shopping vouchers to holidays, iPads for the technology fan, and bikes and golf clubs for the sports lover. The more desirable the reward, the greater the employee’s motivation can be to earn it.
Offering exciting and desirable rewards like these can make your employees feel recognised and valued. This encourages them to be more loyal to you, which motivates them to work harder and achieve more – they go to work to make an impact, not just earn their income. Better still, personalised rewards can make individuals feel even more valued as a key team player.
It’s a good idea to also offer rewards that make your company stand out. If you offer the same rewards as your competitors, like monetary rewards given out in many jobs, your staff might not stay loyal to your business. Similarly, not providing your employees with a variety of rewards to choose from or tailored to their interests is less likely to make them feel appreciated.
Recognising your staff and incentivising your customers by investing in a targeted incentives programme can be the key to achieving one of the most desirable business returns – loyalty. Tailoring these programme to meet their interests will improve your chances of keeping them allied to your business, not just for the short-term but the long haul too.