There are a lot of benefits to have a loyalty rewards programme, whatever area of business you’re involved in. Taking a leaf out of the marketing books of the new online casinos you might be seeking to join through some kind of loyalty rewards structure, here are some points to consider before you start considering the idea in your own business operations:
What is a loyalty rewards programme? Loyalty rewards programmes are based on the idea that people who use your service and spend money with you tend to become loyal to you. If this is the case, it stands to reason that it is a good idea to make an investment in your loyal customers.
Let’s say that you own a grocery store. If you put the loyalty rewards points earned by your loyal customers towards a financial institution such as a mortgage provider or a broker, that is a great way to build your bottom line. You are guaranteed to make a better margin on the sale if the customer is coming to you for their mortgage. The payments received are to the bank that your customer is paying, so you make money on both sides.
In addition, the customer does not even need to be fully convinced about the financial products they are looking to buy, as they can still receive rewards through a loyalty rewards programme and remain completely loyal to you.
Once people know what the reward is for buying your product, the customers are likely to go back to you for their loyalty points again and again. Even when the rewards are redeemed, customers will most likely come back to the company, so you continue to make more money off them.
Does the offer cost me anything? As mentioned above, these loyalty rewards programmes are the type of offers that your customers most likely see, so you are guaranteed to earn loyalty with little to no cost to you.
Are you offering discounts for the use of your products?
Make sure that you are offering the most competitive deals, with the offer or discount only available to those who use your loyalty rewards. It is recommended that you advertise that offer as early as possible in the year in order to drive sales to the company in the year, rather than to the supplier in the second quarter of the year.
How can I join your loyalty rewards programme?
Even if you already have a loyal customer base, it is highly recommended that you send an email to any past customers and solicit their interest in your loyalty rewards programme. If you already have a customer base, an email marketing campaign is also recommended.
Rather than just sending out an email, contact your customers directly through your social media pages and website to get in contact with them, as they are most likely to be excited about the potential to earn more. If they are not too excited by the offer, it is wise to give them the chance to save time by choosing to opt out.