CMaking your customers feel valued and rewarded plays a key role in unlocking your business growth. By implementing the best loyalty programs, you can reward your customers for sticking with your brand. However, choosing the right type of rewards and incentives is crucial in making your customers stay loyal over a long time.
A reliable loyalty rewards management platform system is what you need to help your business choose the most suitable rewards that work best for your business goals and meet customer expectations. In this article, we will learn about the common reward types you can take ideas from for your loyalty program needs.
1. Freebies
Offering free products and services is one of the common rewards used by many businesses across several industry verticals, especially food and beauty stores. Every customer loves free things but getting a favourite burger, drink and others can make your loyalty program more special.
Sephora’s loyalty program enables customers to pick products they like to have for free in exchange for points and even get rewarded with occasional free product samples.
2. Cashback
Another form of reward is giving customers a percentage of their total spending as cashback or store credits that can be used for later purchases. For instance, customers can be given $20 cashback on every spend above $100. One example is Kohl’s loyalty program where Kohl’s cash of $10 is given for every $50 customer spend.
Also get to know more about Customer rewards points system
3. Occasional Surprises
Making your customers feel special by giving them a free treat on their birthdays or anniversaries is a great way to win customers’ hearts. Doing this will even encourage customers to share their birthdays, an important aspect of demographic data that can be used to plan campaigns. Occasional surprises can be free product samples, exclusive discounts for birthday months or instant cashback on orders.
4. Exclusive Discounts
Your loyalty program can offer customized discount coupons on your products and services, which will encourage customers to make pending purchases with great savings. One trick is to make the offers available to only the program members and limit general offers. Additionally, you can send discount coupons via personal email mentioning them by name.
5. Partnership Benefits
These are the rewards that customers get while shopping at multiple businesses under the same loyalty program. Here, the points are earned from multiple businesses and the same can be pooled to use them for redemption on certain rewards. Shell’s Fuel Rewards is one program that helps customers shop at online retailers, dine at restaurants & book trips to earn savings on Shell gas refills.
6. Free Delivery & Sale Access
Another common reward form is free shipping on online orders, which applies only to program members. Amazon Prime is one such loyalty program by Amazon that offers benefits like same-day delivery, next-day delivery, etc. Additionally, your program can provide exclusive sale access only to program members before the public access enabling them to become first to get products at the best discounts.
7. VIP Experiences
Another important reward form is to offer exclusive experiences to make your brand gain a competitive edge. Rather than monetary rewards, providing experiential rewards can be the best way to make customers feel special. One example is The North Face’s VIPeak program that helps members redeem points for adventures and expeditions around the globe such as camping packages, climbing experiences, etc.
Closing Statement
After gaining insights about the innovative loyalty program rewards used by startups and big brands, it’s time to pick the right rewards that will provide maximum benefits for your business. Always make sure that you analyze your target audience’s needs and come up with the best rewards for your loyalty program. Connect with the loyalty experts to help you build a dedicated loyalty solution with the best rewards.
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