5 inspiring ways to reward your customers

Managing my business | 2 October 2018

Customer rewards and incentives should be a key part of your sales and marketing strategy.

Repeat customers are the lifeblood of your company. A customer retained is money saved that would otherwise be spent on marketing to attract new business.

It’s far more profitable for you to hold on to and maximise the loyal customers you have, rather than spend countless dollars on advertising for new clients.

Customer rewards build your business brand and foster deeper loyalty. This loyalty is what keeps your clients coming to you for a product or service rather than your competitor.

Today’s era of social media more than justifies your every effort to reward customers. Your happy clients now have a rapid-fire medium to share their experiences, which is a great opportunity for customer focussed business leaders.

Creating a positive experience for your customers can even spawn new referrals as the good news spreads. These referrals essentially add up to free marketing.

You have nothing to lose and everything to gain by ensuring your customers’ satisfaction.

But why stop at satisfaction?

Clients appreciate the fact that your business meets expectations. But that’s more of a standard they expect, so they aren’t likely to be impressed.

It takes much more to make your company stand out above the competition.

That’s why you need to get a little more creative than a cheap bottle of wine or box of chocolates to win over your customers and secure their loyalty.

Here’s five tips to make sure your rewards cut straight to the heart of customer loyalty.

1. Make it personal.

When sending a message digitally costs zero effort, a simple hand-written thank you note from the business owner can carry a lot of personal meaning. A phone call or even a visit from the business owner also makes customers feel super special.

2. Make it unpredictable.

Give a discount with no strings attached - just because. Change up your rewards and gifts regularly. Your customers will be eagerly anticipating the next big surprise!

3. Create an experience.

People may forget about a generic gift or gimmick or even a product they bought from you, but they will never forget an amazing experience. It’s even better if you can make a customer reward ‘exclusive’ or rare. This makes your customer feel like a true VIP. What do your customers like? Find out, and tailor the experience accordingly. Whatever you do, just make sure the experience is one worth sharing on social media!

4. Make your customer feel like a valuable part of the business.

Regularly ask for feedback and then take things a step further - bring them into the decision-making process on issues that affect them. Get your customers involved in the culture of your business, not just the cash flow. They’ll want to stick with a company that hears their concerns and then takes action to improve their experience.

5. Do your research.

Find out what kind of practical rewards would really delight your customers. If they're money-motivated, for example, perhaps you could offer a discount for a referral. The key is to know your customer base and offer them rewards that actually mean something to them.

Meaningful customer rewards don’t have to cost the earth. With a little creativity and care, you can come up with your own ways to surprise and delight your customers and keep them coming back.

And there’s a reward for you too - a growing and thriving business!

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication.