As businesses everywhere are beginning to recognize, offering rewards really can create loyalty. They can help you not only build up a loyal following of customers, but also boost staff loyalty. Giving workers rewards for a job well done shows the company’s appreciation for their hard work. In turn, employees are less likely to look elsewhere for a new position. Meanwhile, offering customers incentives for making purchases or taking certain actions makes them more likely to buy from you again in the future.
Having a loyal workforce is something that is imperative for companies today. First, loyal workers are happier, and happy workers are more productive. They put more effort into their everyday tasks and achieve more in a shorter timeframe. Employee loyalty also reduces staff turnover, which has become a huge challenge for many companies. It is expensive and time-consuming to recruit and onboard new team members, so retaining the ones you have is best for the business. In addition, those loyal employees help you attract top talent when there is turnover.
When a company has a loyal workforce, it also creates a good impression of the business. Customers see that staff members are committed to the company, which in turn makes the company look more reliable and trustworthy.
Giving rewards to employees can increase their loyalty. Companies can offer incentives for achieving a number of goals. These may include:
Rewards boost employee loyalty by showing that the company appreciates its team’s efforts. That helps to improve employee morale and self-esteem. If workers feel good about themselves in the workplace, they are more likely to remain with that business.
While having a loyal workforce is essential, ensuring customer loyalty is equally vital. Attracting new customers is more expensive than retaining existing ones. Companies also benefit from more opportunities to upsell to a loyal customer base. Customers who have a strong relationship with the brand are more likely to buy more or upgrade. Not only that, but there is a greater chance of those customers spreading their positive opinions about the brand to others. As a result, it’s possible to increase the customer base exponentially.
Businesses also benefit from more opportunities to collect more relevant data from loyal customers. They can use these insights to inform marketing strategies that help the brand in the long term.
Offering a loyalty program or giving gift cards as rewards for taking specific actions increases loyalty in several ways. Customers feel more valued and appreciated. That leads them to develop a stronger relationship and connection with the brand. They are also likely interact more with the brand in order to earn more rewards.
A customer loyalty program can work in one of two ways. Customers can receive instant rewards in the form of virtual gift cards, or they can receive points for taking action. Those points accumulate with each action the customer takes. Eventually, they can exchange their points for a reward of their choice.
For employees, both monetary and non-monetary rewards have their place. Some popular rewards include:
Gift cards are a great choice because:
BHN Rewards is on hand to meet all your rewarding needs. It offers both instant gift card rewards and points-to-rewards for loyalty programs and communities. Discover what BHN Rewards can do for your business to boost customer and employee loyalty.