The rewards programs also know as loyalty programs are programs sponsored by brands or retail centers that give their clients rewards, discounts, cashback, and other bonuses to bring in new clientele and keep them interested. They are configured to promote and boost continuous business as it encourages people to keep using the same brand over and over again. They are made to be engaging and help earn regulars and encourage their loyalty to that particular brand or company. Let’s Know More About rewards program.
Kinds of rewards program
There are multiple ways in which brands can hold reward programs. Having the right rewards program that suits your brand can be the difference between having a loyal clientele and making losses. Luckily there are varying rewards systems, you just have to select the kind that is right for your brand. The following are the kinds of rewards programs;
- Points reward programs; these give clients points per a specified amount spent on products from the brand. The points can then be used in future purchases. They usually cost nothing to sign up, making them accessible to people. One of its disadvantages is that the value is usually minimal and requires continuous purchasing to be of use.
- Cashback reward programs; are similar to the point program in the sense that you have to spend on the brand products to receive a certain amount, generally in the form of coupons or cashpoints that can only be used to purchase the brand products. One of its disadvantages is that there is no immediate pleasure, it takes so many purchases the people don’t even care for long.
- Punch card reward programs; these programs give their clientele printed or online cards which are punched anytime a purchase is made. After a predetermined number of holes are made, the client will qualify for a reward. One of its disadvantages is that people can make holes to falsely claim rewards which can cause the business loss if it happens regularly.
- Ranked reward system; these programs place clients in different ranks depending on different criteria e.g. amount of money spent on the brand. Each rank is given different rewards with the most exclusive and valuable rewards reserved for the top ranks. It encourages people to spend more to access the exclusive rewards. One of its disadvantages is that it may not give rewards of much value to clients that spend less, hence, discouraging them.
- Alliance reward programs; these programs are mostly used by a collection of brands. This affords clients a wider scope of how to spend their reward amongst the alliance. One of its disadvantages is that it does not give any form of loyalty to one brand, hence, defeating the aim of the rewards program.
- Pay-dependent rewards programs; this program requires clients who want to get the benefits the brand gives to pay a fee, this can be monthly or annually. One of the disadvantages is that only a brand with a large clientele can afford to use these programs as only top-tier clients’ profit.
Benefits of rewards program.
The benefits of reward programs are endless, here are some of the great benefits of rewards programs. They include;
- The major benefit for customers is that instead of just spending money, you get something in return for leaving that dollar behind.
- You get rewards for continuously patronizing a brand. These rewards can come in form of points that count as discounts or cashback or free items and exclusive access to certain products and services that clients not signed up to the rewards programs do not.
- For the company, they can accumulate data necessary to predict customer wants to modify their marketing and other sectors to cater to this need to retain more customers.
- For the company, well-planned rewards programs can increase the percentage of regular customers
How to get into rewards programs.
As a client who probably patronizes specific brands or multiple brands, this is your opportunity to enjoy all the rewards and bonus given to return clients. You don’t have to spend it if you can save it. After all, you deserve the points, and here is how to make sure you are not missing out on any deals from your favorite brands. Different companies and brands use different kinds of reward programs but here are the most common ways. You can get into a reward program by signing into the brand’s program on their website or at the customer care desk at a physical store which may be free or for a price.
Companies that give the top reward programs available right now.
Some brands give better and more valuable rewards than others. Here are the top most beneficial reward programs available. Join in and enjoy it if you choose to. They include;
- Sephora.
- Starbucks.
- Nordstrom.
- Amazon Prime.
- Pizza Hut.
- Walgreens.
- Barnes & Noble.
- Target and so many others.
Conclusion
Reward programs are beneficial to both the brands and their clientele, it’s a win-win as the brand gets a regular client and the client gets something for patronizing the brand one too many times.
