Any successful business owner knows that the key to maintaining and developing a business is client retention. Earning clients in the first place is an expensive and carefully thought out process, but once you have clients, keeping them can help save a lot of money in the long run. Encouraging brand loyalty with rewards and discounts can keep clients satisfied and returning every time they need something. It also encourages them to refer their friends and family members when they know they are in search of the product or service that you provide. Here are a few different models of rewards to consider if you are thinking about starting or have already started your own business.
- Retail clothing – A large number of department stores and stand alone clothing stores now have rewards points for their frequent shoppers, which can be earned every time they spend money in the store and redeemed at a later point in time for gift cards towards their next purchase of clothing in the store. The larger the store or more widespread the brand, the more likely they are to have their own line of credit card as well. Some of the credit cards are for use only in the store but earn a certain number of points for every dollar spent. Other loyalty program credit cards are affiliated with major credit cards such as Visa, which can be used anywhere that Visa is accepted. Every dollar spent using those cards can be turned into points for redeeming at any of the participating locations.
- Cannabis rewards – Using an app such as CannaCash allows frequent purchasers of marijuana and marijuana infused products to earn rewards at all participating providers’ locations. It works much like a frequent buyer card, except there are a variety of different stores where points can be earned and redeemed, as long as the seller is participating in the program. The marijuana app that most download shows the participating providers at a moment’s notice, and allows a buyer to find the closest retail location to them where they can earn marijuana rewards points.
- Free memberships – These loyalty cards are offered at a variety of retail shops and simply require a name and email address to sign up. They work like an electronic version of a punch card, or sometimes are actually punch cards for frequent purchasers at a given store. For example, coffee shops, hair salons, or bakeries might offer customers a card that can be scanned every time they make a purchase that will ultimately lead to some type of reward. Whether you pay for nine manicures and get the tenth free, or you get a free drink with every sandwich you order, there are many different options that can be enjoyed by any customer with minimal hassle in most cases. The rewards are not always going to be as generous as gift cards towards your next purchase, but a free drink every once in a while for no extra effort on your part does not hurt loyalty at all.