5 Clever Strategies For Rewarding Your Loyal Customers

The success of your growing business depends on how well you attract new customers and retain and maintain relationships with your existing customers. Statistics show that 57% of consumers are more likely to spend on a brand they are loyal to. Establishing a rewards program or scheme is crucial for customer retention because your customers continue to engage with your brand even when they aren’t buying. There are various types of rewards designed to keep your customers happy. Here are a couple guaranteed to keep them coming back to you.

1. Invite loyal customers to try new products

Participation is a great way to get people invested in a project. Like all other stakeholders, customers love to feel included in the product development process because they can give feedback on it and give their suggestions and opinions. 

The best time to use this strategy is when you are about to launch a new product or service. It can be a smart way to incorporate it into your marketing strategy. You can create a product sampling event and invite your loyal customers to have a first glance and feel of your new product. If you can afford to, you can work with an experienced team from a product sampling agency to help you develop a unique strategy to make your event a success. 

Giving your customers the chance to try out a new product before it is available to the mainstream market will give them a sense of pride and ownership of the final product. It would also help you gain rich insight into your target market.

2. Collaborate with other businesses

You can build your customer rewards program by teaming up with other businesses to offer gifts and other incentives to customers. For example, if you operate a coffee shop, you can partner with a local bakery to offer a discount when a customer makes a purchase and vice versa. In such instances, it creates a win-win collaboration for both businesses. 

When partnering with other businesses, ensure that they have a customer base similar to yours but aren’t your direct competitors. If customers receive a discount for your product from another store, it serves as good motivation to purchase your product and attracts new customers. 

3. Offer customers exclusive discounts

Everybody likes to save a little extra money on purchases. One of the best ways to ensure that your customers remain loyal to you is by offering discounts to returning or repeat customers. It also helps them feel deeply connected to your business or brand. Discounts help you build stronger relationships with your customers, making them feel valued and appreciated, increasing loyalty. Offering discounts also builds trust and makes your business more credible. Because they trust you, they will keep coming back to purchase from you. When you reward customers for their loyalty, they are also more likely to encourage others to try your product or services. 

When giving your loyal customers a discount, you must ensure that any price reductions are appropriate for your profit margins while creating a unique value for your customer.

4. Offer preferential treatment

Some customers might be pleased with a simple discount or free sample. However, others appreciate preferential treatment, especially customers who have been loyal to you for several years. You can offer different types of benefits to those customers, including express delivery and off-hour services. The key is to find a service that won’t hit your finances. You can also choose to reward customers who refer new people to your business by offering them unique discounts for every person they send to you. 

5. Send your customers a gift

This strategy works best during major events such as the holidays or a business anniversary. You can also send gifts to your loyal customers on their birthdays if you have all their information in a database. 

You can send them branded gifts. But ensure that they are made out of quality materials and are useful to them. If you’re looking to stand out, steer clear away from the usual corporate gifts people receive. How you send a gift also matters. Try as much as possible to have your gifts hand-delivered, as it shows your sincerest appreciation for their business. 

You can’t guarantee that your customers will stay loyal to you for the rest of your life. Certain things happen beyond your business’s control. Nonetheless, you must show current customers that you care about their business and are willing to form a trusting relationship with them.

5 Clever Strategies For Rewarding Your Loyal Customers