Improving Retention: 3 Ways to Use a Rewards Culture to Benefit Your Business and Retain Customers

LONDON - March 27, 2020 - PRLog -- A lot has changed in the past few years and emerging technologies have created a highly competitive market that give smaller, more adaptable businesses an edge with their customers. Reward Schemes are more relevant and engaging than ever and have the consumer asking why they should stay with a brand that has delivered their service perfectly fine, but different brands can give me something a little extra. Figures by Supercard Black have shown that clients who use their rewards as part of their retention strategy are showing a 33% increase in customer loyalty.

How do you break through all the white noise that consumers have to deal with and offer them something they can't get just anywhere?

• Consumers gravitate towards companies who go over and above their core product.

Despite the plethora of offers, advertising and content, customers are still looking for new and innovative ways to get more for their money. It is about showing you have done your research on the customer. For example, rather than a generic voucher for the next purchase, offer rewards that incorporate into their lifestyle.

It is essential to know that the Rewards Culture is not just about the rewards. Aside from giving away discounted experiences and products, education has proven to be just as effective; giving customers the tools to become conscious consumers.

2.Engaged customers are customers that will keep coming back.

There is a reason why social media influencers make so much money. They engage with consumers in a way that organisations have never been able to do. There is an initial cost that comes with acquiring new customers, so finding ways to retain existing customers is always at the forefront of every business owner's mind.

3.People don't like feeling sold to - offer them something more than a product. Offer them an experience.

It comes down to how something made us feel: this is what creates a lasting impression. Consumers are more aware of their buying power and have reshaped what it means to be 'brand loyal'. Businesses will need to look outside the box if they want to capture any emerging markets; looking more holistically at the customer to translate desired behaviours into tangible rewards their customers can use.

We are looking at an age where the balance of power is shifting between consumers and businesses. By understanding the full benefits of loyalty programs, companies can get the competitive edge needed to thrive in this changing landscape.

Jaime Fisher
https://supercardblack.com/