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The Value of Rewards Programs

The Value of Rewards Programs for Small Businesses

The business marketplace is becoming increasingly competitive, and fostering customer loyalty is essential if you want to support the growth of your businesses. Whether you run a restaurant, a coffee shop, or even a grocery store, you will need to invest in a loyalty program in order to keep people coming back to you instead of your competitors.

It’s a well-known fact that regular customers tend to spend more money per visit, and that they’re more likely to accept up-selling or cross promotions. So, fostering loyalty is more cost effective than trying to bring in new customers time and time again.

There are a few ways that you could run a loyalty program – you can print cards and use stamps – but there is the risk of fraud with that. Alternatively, you can use a rewards app – this is a much better way in the long term, because it doesn’t just help you to build loyalty, it makes it easier to track the performance of the scheme – giving you information about each customer, how often they come to the store, when, and what they buy.

You can even offer rewards to new customers, or rewards for people who do specific things – coming back in a certain period, or spending a certain amount of money, for example.

Rewards apps can track things like when it’s someone’s birthday – and offer them discounts, rewards or incentives for shopping at that time. They can also offer incentives to people who have shopped on the online version of your store, to get them to call in to the bricks and mortar store.

You don’t need to get a bespoke app developed – although if you are willing to invest in that, the returns can be impressive because it’s good brand building. There are a number of customizable rewards apps out there that make it easy for even smaller retailers to roll out a rewards app without spending a lot of time and money. These apps are inexpensive, and can scale as your company grows.

Apps such as Belly and Spring Rewards can be used for regular re-marketing and incentives, and will help you to keep your brand in front of customers in the long term, so that they don’t just fade away. If you give something back to your customers they will be loyal to you.

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How Do You Find Referral Programs For Your Business

There are referral programs that you can use for your business that can help you start building a list of clientele. It is probably the fastest way that you will be able to generate a substantial amount of sales. People that are able to create significant wealth are able to do so through advertising. Even better, they are able to get direct referrals to potential clients that could help them make a substantial amount of money. To find referral programs for your business that actually work, here are some steps that you can take in order to utilize the best ones.

How These Programs Work

There are companies out there that can provide you with referrals to potential clients. This can be done when selling products, or offering services. For example, if you have a large corporation and you are looking for people that could become multimillion dollar clients that could utilize the services that you had to offer, referral companies will actually actively find people in your exact demographic that would be interested in your services. The amount of money that they charge for this service will depend on the type of referrals that you need to get, and also the demographic.

Different Types Of Referral Programs

First of all, there are direct referrals. An example of this is asking clients that you have to refer your business to people that they know, and getting a referral based upon how happy they are with the services that you offer. You will probably see this with medical professionals that will tell people to refer their business, or even people in the cosmetic or personal care industry. However, you can use this in marketing. You don’t necessarily have to have a customer in order to get a referral from an individual. You simply have to pay them a commission. There are programs called affiliate programs where you will give as much as 75% of the total sale away for those that are willing to refer people to your website through their link. This is extremely high, the percentage typically only seen in the digital marketing industry. However, you need to absolutely consider marketing in this manner if you want to multiply your efforts in trying to bring people to your company.

Use these simple tips to quickly find a referral program for your business. Additionally, you should consider setting up your own referral program on your website for the products and services that you own. This will motivate hundreds or thousands of people to start marketing your product or service for you, allowing you to generate leads on autopilot.