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 program and employee incentives reward schemes can help.
Loyalty from customers and employees is important because it impacts the bottom line:
- Customers loyal to a company are likely to spend more there than elsewhere, which helps push up profits.
- Employees loyal to a company will want to work hard to benefit the business, which helps keep recruitment costs down and improves morale, boosting loyalty even further.
Building loyalty with customer reward programs
There are different ways to build loyalty with your customers. Introducing a loyalty or customer reward program, like a points program, 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 programs like this also enable you to monitor your customers’ behavior.
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.See how we can help customer loyalty
Loyalty rewards for employee incentives
A rewards program 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 program 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.
Rewards to make your business stand out
Offering exciting and desirable rewards like these can make your employees feel recognized 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, personalized 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.
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Brands of all types trust us with their Customer Loyalty
Keeping your customers and staff in it for the long haul
Recognizing your staff and incentivizing your customers by investing in a targeted incentives program can be the key to achieving one of the most desirable business returns – loyalty. Tailoring these programs 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.
Helping you create a loyal customer base and let your business thrive
Fostering a loyal customer base is a crucial part of succeeding as a business. If customers feel like they’re encouraged to return and make use of your services more often in future, your business can take advantage of increased and consistent cash flow, which can then be used to grow your business further. Customer incentive schemes can be the perfect way to make customers want to keep coming back to your business in future.
At CR Worldwide, we can design, launch and optimize customer loyalty programs to help your B2B customers feel keen to return to your business for all their future needs. Our customer loyalty schemes are:
Easy to implement — Our loyalty schemes can be tailored to suit your specific business requirements, allowing you to launch effective loyalty campaigns quickly and easily for your customers.
Easy to use — Because our platforms are designed to be straightforward, you can easily and efficiently track things like usage and product performance, while letting customers easily track their rewards and progress
Easy to manage — Managing, organizing and tracking your customer loyalty scheme is quick and easy, thanks to the inclusion of real-time reporting for ROI and budget management.