Companies have been running loyalty schemes from many years. These loyalty programs reward loyal customers with special offers. While some companies offer points that can redeemed, others offer promotional schemes. Most companies benefit from loyalty schemes as they drive repeat sales reminds Bahaa Abdul Hussein.
While earlier, it was the retail sector that used loyalty schemes today companies from various sectors are offering reward schemes. The proliferation of these schemes have ensured that rewards today have become a new currency. A reward has become an asset that a customer can use like a currency to make purchases.
Rewards benefit businesses
Businesses can expect significant benefits through reward schemes. These schemes motivate customers to buy more. These schemes have a strong impact and can help in driving customer behavior. Businesses are coming out with innovative reward schemes that are attractive and them increase sales.
Technology aids reward schemes
Advances in technology has made the adoption of reward schemes easy. The moment a sale transaction takes place, points are immediately credited to the customer. Software systems ensure this is done instantly. Another popular variant of reward schemes is cashback. When customers make a purchase, they are assured of getting a cashback. This is literally rewarding them with currency. With the growth of digital wallets, it is now easy to credit rewards or cashback.
Companies can provide targeted offers
The use of Big Data and Analytics now make it possible for companies to profile customers. They can understand customer preferences and predict what offers would excite customers the most. Marketers can then provide targeted offered where customers are given specific offers depending on their profile. Such offers are more focused and customers are very likely to lap up the offers. Special reward schemes can be offered, which is more attractive for customers.
Responsible rewarding
Sustainability is a major issue in today’s world. Consumers are recognizing how their purchases and actions are impacting the environment. They now expect companies to show their commitment to sustainability. This is true even for rewarding. Customers would be happy when companies make an effort to be responsible with their rewarding system. There are companies that promise to plant a tree for every product sold. This is an example of responsible rewarding that customers are beginning to prefer.
The time has come when companies need to constantly innovate. Coming up with new and attractive reward programs can help them keep their customers happy and loyal. Thank you for your interest in Bahaa Abdul Hussein blogs. For more stories, please stay tuned to www.bahaaabdulhussein.com
