Struggling to find a genuine way to reward loyal customers?
Developing a loyal customer base is crucial for long-term success regardless of your industry. Undoubtedly, a successful business depends on its customers. They serve as strong brand ambassadors that draw in new business and consistently boost revenue.
Establishing a customer rewards program is one of the best ways to leverage the value of customer loyalty and reward and retain your most loyal customers.
These customer loyalty programs offer numerous advantages. They help boost customer engagement, promote repeat business, and create a strong relationship between your brand and your customers. One advantage is that there are numerous kinds of customer loyalty programs available.
This blog will share 9 effective ways to reward loyal customers, strengthening and increasing your business’s success in a competitive market.
Let’s get into it:
Personalized Discounts and Offers
Businesses like Spotify, Netflix, and Amazon are just a few of the corporations that often display seamless customization. Because of this, customers increasingly demand the same degree of customization from companies of all kinds.
As per study, 91% of consumers believe they are more inclined to prefer brands that provide recommendations and offers that are customized to their individual preferences.
Creating promotions that are specific to your target audience and their past purchases is one approach to make your incentives more unique.
For instance, assume you run an online learning platform with classes covering a range of subjects, including technology, business, and the creative arts. Users’ preferences and course history can be tracked, and you can apply this data to customize offers to reward loyal customers.
Another instance can be of celebrating special occasions like customer birthdays. Give clients exclusive benefits like discounts, a free month of service, or early access to the product on key events like their birthday or membership anniversary of their membership. You can do so through myCred as its an easy to use and affordable loyalty rewards plugin. See the pricing and decide yourself!
Invite Customers For Product Testing
Members of loyalty programs generate between 12% to 18% more incremental revenue annually compared to non-members.
“Early access” gives a new definition of exclusivity and privilege.
Businesses can reward loyal customers by allowing them to test new goods and services before they are formally released. Offering priority access to sales events and product releases to devoted customers is one way for companies to express gratitude and create buzz about their goods.
Let’s take the case of cryptocurrency wallet software or apps. You may invite your devoted clientele to try out a brand-new desktop and mobile application that lets consumers access their cryptocurrency wallet on both platforms.
The above feature would give users greater convenience and flexibility while managing their bitcoin holdings. It would first be available to the app’s devoted users for a brief period before being made public.
Temporarily Upgrade Customers to Higher Tiers
Temporarily moving devoted clients up to a superior service tier is another way to reward loyal customers. This is especially beneficial for subscription-based businesses since it enables users to enjoy the advantages of higher levels of convenience without committing to a permanent upgrade.
Top-performing loyalty programs can boost revenue from participating customers by 15-25% annually.
Assume you run a habit-tracking app and are unsure of how to thank devoted users. For a specific period, you might grant access to an upgraded version of the platform to your most loyal users who have been using it for many years.
This subscription version may include extra functionalities like advanced analytics, coaching services, and tailored habit tracking.
By providing your most devoted customers with this temporary upgrade, you’ll show them how much you value them.
Invite Customers to Corporate Events
Sending invitations to workplace events is another method of rewarding loyal customers and strengthening bonds. Although digital firms may also employ this loyalty reward, it is especially effective for companies with physical locations. It enables consumers to interact with the brand at the most personal level.
Following are the most plausible events to which you can invite your loyal customers:
- Classes,
- Seminars,
- Lunches of appreciation,
- Fitness events,
- Premiere parties,
- Meet-and-greets,
- VIP meetings, and more.
In the modern era, with platforms like Zoom, virtual appreciation events are also a brilliant idea if you cannot plan in-person events. The secret is to pick an event kind that complements your business and rewards loyal customers.
For instance, a fitness app might invite its most devoted users to a special exercise event. Depending on the brand’s preferences, this event might take place at the app’s studio, a nearby gym, or an outdoor park. Loyal brand customers can participate in various fitness courses or exercises taught by qualified instructors in exchange for the customer rewards program.
Engage Loyal Customers Through Gamification
Everyone, including scientists, agrees that people adore video games. Companies have realized this, and that’s why we are seeing gamification grow in popularity year after year.
Businesses can capitalize on customers’ natural inclination toward achievement, competitiveness, and personal development. They love game aspects, such as ranks, challenges, badges, and rewards, in non-gaming environments.
The best part is that gamification can be used in any industry, including eCommerce, gaming, education, financial services, fitness and wellness, and other sectors. Customers can compete for exclusive goods or experiences, as well as discounts on future purchases.
Consider that you offer a note-taking app. You can reward loyal customers for using specific app features. For instance, customers might earn reward points by
- Making notes,
- Sharing notes with others, or
- Using the app’s organizational tools.
As customers earn these loyalty reward points, they can level up and unlock new incentives, like premium features, access to special content, or discounts on future purchases.
The app might also include tasks or tests, like a weekly quiz on note-taking best practices or a daily writing challenge. By accomplishing these tasks, customers may gain more points or awards, giving them a sense of advancement and accomplishment.
Offer Client Referral Program
Another effective method to reward loyal customers and expand your clientele is setting up a client referral program. You may use the power of referrals and encourage your customers to become brand champions by offering incentives to refer friends and family to your product.
What is a Referral Program
A referral program is basically a recommendation of a business by a customer to their friends and family. Once the person they recommended completes a purchase—such as signing up for a paid plan or making a qualifying purchase—referrers typically get rewarded.
Referral programs have the potential to provide benefits in the form of exclusive items, free trials, or discounts for both the referrer and the recommended. By providing this customer rewards program, you can encourage them to tell others about your business to attract new clients.
Surprise Customers With Gifts
Think about giving a present to reward loyal customers as a way to express your gratitude. Through data insights, you can send meaningful presents that align with your client’s preferences.
Let’s take the case of a cloud storage program. In this instance, giving your most devoted clients more storage space is a powerful way to thank them.
Alternatively, consider yourself an investing platform. Your loyal clients may be treated to unexpected presents, such as a customized financial counseling session with a finance expert.
These unexpected gifts to your customers let clients know that their support is appreciated. Also, they make them feel happy, excited and encouraged for additional advocacy and loyalty.
Customer Rewards Program for Business Collaboration
You get various advantages when a business partners with another business to design a customer rewards program. For example, your business can reach a larger audience and grab new clients by collaborating with another company with similar clientele. In addition, by giving your clients access to related goods or services, you’ll be adding value to their experience.
Let’s take the example of a payroll management software company. You might collaborate with a company that offers retirement programs or health insurance to its employees. You may work together to create a combined gamified marketing campaign where users can sign up for both services and get access to special features or offers.
Donations for Charitable Purposes
Another approach for businesses to recognize their most loyal customers and promote donation causes is through charitable donations.
Many companies are letting their clients convert their ranks, points, or financial rewards into donations to charitable organizations. Customers can grab this opportunity to donate to charitable initiatives that share their values, such as environmental preservation or healthcare support.
Customers can feel good about their business loyalty and have a beneficial influence by turning their convertible rewards for being loyal towards donations.
This kind of incentive can inject a feeling of environmental and social responsibility along with advocacy and client loyalty.
Final Thoughts
You may use the nine distinct client loyalty incentive options we’ve covered in this blog post to recognize your most loyal buyers. Regardless of your business type—SaaS or B2B—a reward program can be a goldmine for you. Consider the different loyalty reward tactics we’ve covered and put them into practice. By doing this, you may excite and delight your clients, demonstrate to them how much you cherish their loyalty, and promote business development in your competitive market.
