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Do you reward your customers enough? Do you even reward them at all? In a competitive marketplace, holding onto customers and retaining their loyalty is as important as finding new leads. Providing rewards can be a great way to do that and can even spur customers on to perform desired tasks or become conversions. Below, we discuss why you should reward your customers.
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To Attract New Customers
Providing rewards and incentives can be a great way to get new customers into the fold and can even catapult them down the sales funnel, straight from their initial interest to a purchase. The right reward can also lure them away from competitors, so make sure it is something that catches the eye.
A great way to entice customers can be with introductory offers. The online casino industry is one sector that has grown exponentially by using bonus casino offers. It has done this not just in an attempt to draw people to certain websites, but to bring them into the entertainment sector itself. Some ideas that have had proven results include allowing customers to play for free, matching any deposits made and even offering a selection of reward choices.
While you may not have table games to offer, you can adapt these for your business. Consider offering a free trial, or pared back version of the product entirely for free. This works well when selling software licenses. You may offer a selection of bonuses, freebies, or discounts on sign-up or upon making a first purchase.
To Retain Current Ones Through Loyalty
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Providing rewards to customers for their continued use and service is a great way to retain their loyalty. You may use something yourself with a supermarket points system. The more you use a service or spend, the more points you accumulate. You can then use them for a discount or cash them in for goods. This type of reward does work better for businesses where people are making small, repeat purchases regularly.
These schemes are much easier to set up than you think. However, you do need to think carefully about them. Evidence now suggests that with so many loyalty cards available freely on apps, their proliferation is having an adverse impact. As people have a card for everywhere, they simply go where products are cheapest at the time. Thus, think carefully about what else your schemes offer that competitors don’t.
To Bring Back Lapsed Customers
The final method is to use rewards to bring back lapsed customers. If you have a database of customer information, you should be able to find out who made purchases and never came back. Try to entice them with new products, let them know what they have missed while they were away, and offer a reward if they return.
Rewards are not a golden ticket and they need to be planned carefully. A reward that works for one business may not be right for another. Speak to your staff and customers to see what they think. It may be that they just want a loyalty card or more discount sales, which will cost you less in the long run.
