After an assessment of your situation, it is time to consider which type of loyalty program would work best for you. Of course, each program and strategy can be personalized in many ways, but here you can find some of the most popular approaches.
First of all, a loyalty program can be free or paid loyalty.
As for free loyalty programs, there are many different types, and it is important to choose the one that will bring the most benefits to your business. You need to consider whether you are rewarding a client or an employee.
With paid loyalty members have a subscription to a specific brand and have the possibility to enter a unique part of the community dedicated to them, with special gifts and previews.
Moreover, with paid loyalty, the client gets the rewards regardless of their purchase.
If you are doing a loyalty program to keep a strong and happy client base, and you want it to be free for them, these are some of the most popular methods used to reward them, while giving them an engaging experience at the same time. Let’s look at the most popular ones.
- Point loyalty: Easy and simple: you get points depending on how much you spend. Depending on how many points you have, you can get a reward.
- Tier loyalty: This depends on how the audience is active in its relationship with the brand depending on how much the client spends on how much they are active on your platform; they advance in ranks. The higher they go, the greatest the rewards, therefore they are encouraged to keep on buying. In this kind of logic, it is very easy to find gamification: rewarding specific habits or actions non strictly linked to the sell itself, such as posting on social media or member get member.
- Out of the buying cycle: clients get rewards randomly regardless of how much they spent. It is often used to keep the attention of the brand. This is often very used to avoid churns.
Giving recognition to your team and workers makes them happier in their workplace and feel highly regarded by their company. You can decide to gift them regularly and/or when some goals are reached.
Depending on what you what to get from your loyalty campaign, you should choose the best incentive for your business.
Here are some of the most used by companies around the world.
- Referral: when an employee brings in the team a skilled and valuable new member, they get some sort of recognition. This could be very different depending on your strategy, it usually is some kind of bonus. Referrals are a great tool for companies since the company gets better people to choose from and the employees will feel like presenting the best candidate possible.
- Career achievements: this kind of recognition is very broad; it can be used to reward someone who has been working for a long time for the company or has achieved some important result in their career.
- Employee’s performance: when someone does an outstanding job and shows loyalty and passion for their company is always worth it to reward them. Thus, it could be both a reward for great business performance and the reaching of a pre-set goal. The employee gets a bonus or reward, and they are pushed to work harder to reach their goals and the bonuses.
- Project: if a team has been working on a specific project that required a lot of time and investment, it is positive to reward the good work the team is doing with bonuses or rewards. This will strengthen the team and make them even more committed to the task.
- Employees’ Welfare: these are rewards that are not strictly linked to work or personal achievement but are a gift from the company that wants to make sure its employees are healthy physically and mentally. Employee wellness is a topic that has gained much attention in recent times, especially after the COVID-19 pandemic.
These kinds of rewards are often related to free time, like a gym membership or yoga classes. It is a way to reward your employees while making sure their work-life balance is healthy. It is always highly regarded when a company shows that they care for their employees as persons and not just as tools.
TYPES OF REWARDS
Now that we looked at the main reasons to give rewards and the different types of programs, we can talk about the rewards themselves. As we said before, the key to a successful incentive program is to customize it and make it perfect for your audience.
The most popular are discounts, physical gifts, experience rewards, and vouchers. We talked about why gift cards and vouchers are the better choices in our previous article. Now that you have all the information regarding the structure of an incentive program, you need to make sure to make the most out of it. Loyalty programs are more important than ever, in a globalized world you need to have a strong community behind your business.
ROIward is unique in the types of rewards that it provides its customers. We have already talked about + 700 types of gift cards and vouchers, but we offer so much more.
We are the only ones to offer you the possibility to choose physical products from an Amazon catalog, truly allowing you to customize the gift.
We are also the first and only ones to offer the option to choose trips and travels as a recompense for your employees, clients, and new customers.
With us, you can truly reward your employees, making them feel truly appreciated and highly regarded.
WHY DO INCENTIVE PROGRAMS WORK?
A positive experience with a brand will strengthen the psychological bond with the company’s audience. People do not simply want the best product at a competitive price, they want an experience and feel part of a community.
Employees want to work for a company that respects them and makes them feel more than a number. The competition is as high as ever been, and the only thing that still stands is a true relationship between two parties.
Vouchers are so easy to deliver and are truly appreciated by everyone. The reason why incentive marketing works is that it takes so little to do it and gets the business a huge Return on Investment.
Investing in incentive marketing is fundamental to avoiding churns and being chosen by clients among a list of competitors that is growing day by day. It is also extremely important to have a work environment that incentivizes people to do their best for the company while feeling accomplished, regarded, and appreciated.
If you want to start the incentive marketing journey, you should have a strong platform and a qualified team to help you make the most out of it and get the highest return on investment.
If you want to know more about why ROIWARD is the best choice and what we offer book a demo with us and let’s talk about it! We have the best platform, an amazing team, and the highest ROI!
You get ROI they get Rewards.
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