Boost business by initiating a customer reward scheme

Tuesday, 03 April 2012 04:57

Use vouchers to reward your customers

The tense financial climate of recent years has – quite understandably – seen people become cautious about how they spend their money. So, with many shoppers watching their pennies more closely, have you thought about how you can get customers to stay loyal to your business? Implementing a rewards programme is a great way to ensure they remain committed to spending their money with you.

By initiating customer schemes, you'll be offering recipients the impression that they are profiting from giving you their business. Tailor the specific rewards you offer to match your commercial goals and you too can reap substantial benefits, whether it is in the shape of higher income or a wider customer base.

First of all, you should consider just what exactly you wish to achieve from such an initiative. If you are keen to boost the average amount of money that your customers spend, it is worth sending vouchers to those who buy goods in bulk quantities or offering a discount to people spending above a specific threshold.

Should your goal be to increase the overall number of sales, giving money-off vouchers to those who have just purchased your goods or services means people have an incentive to do so again in the near-future. Put an expiry date on these vouchers – say the end of the month – and take-up rates may increase. If you're providing a substantial discount for the next time shoppers come to your store, they will be inclined to take advantage of this.

Loyalty schemes are a great way to attract new customers to your business, but it is worth ensuring long-term patrons are looked after too. Show your appreciation for the many years they have bought from you by offering them an exclusive discount card that allows them to get money off their purchases and they will be encouraged to continue to shop with you.

Rewards that make people feel as if they're getting something for nothing are also a popular way to bring in more custom. Offering a free coffee or car wash to those who have had a loyalty card stamped ten times, for instance, can mean they are more inclined to do business with you on a regular basis, as opposed to your competitors.

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