Why You Should Have a Rewards Program for Your Customers
You probably have a whole collection of rewards cards in your wallet, or emails offering discounts for members only in your inbox. It’s so common that when a customer chooses where to shop, many look for rewards. In fact, a study by The Point of Loyalty found that the average Australian has 4.4 rewards memberships and 68% say that the loyalty program they belong to enhances their brand experience. But what makes rewards programs so enticing for customers and so powerful for businesses?
Improves their experience
Ultimately, a rewards program improves the customer’s experience with your brand. It shows you want to give back to the customer, and gives them those “good feels”, with the idea that you will go beyond the basics to give them something more, just for shopping with you.
Encourages repeat business
Rewards programs often encourage customers to shop again. Whether it’s a coffee card where the 10th cup is free, free shipping for rewards members, or earning points on purchases to go towards future discounts and rewards, there’s nothing that will encourage someone to shop more than getting a little extra each time!
Keeps your brand competitive
With so many other companies offering rewards programs, it has become a standard customers look for when comparing brands. Forbes shared that 81% of shoppers research products, compare prices, and read reviews before making their purchases. Making sure you have something better to offer is essential and a rewards program is one way to do this.
Creates brand advocates
If your customers like the rewards you offer, they are more likely to tell others about the brand. The more things that make your brand unique and a more attractive option than your competitors, the more your customers will organically become loyal advocates. In a world of influencers and a critical audience to match, creating organic brand advocates is essential.
Builds social proof
Along the lines of brand advocacy and competitiveness, social proof is also an important factor that rewards programs can help with. A customer is more likely to give a favourable review if they have extras like rewards, and in some cases, you can offer rewards for customers who post reviews as well. Ambassador reported that 88% of customers trust online reviews, so it’s worth investing your effort into this field.
A Rewards program offers great return on investment if implemented correctly. The My Rewards platform gives you a great base to build from, along with a team who are experts in rewarding customers. If you’d like to learn more about it, get in touch via the contact form below.