Rewards Programs That Work For You
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Rewards Programs are a benefit to both the customer and your business, and the idea behind them is to keep the customer returning to your business to exclusively meet their needs. You reward them for returning and buying from you or using your services again.
The idea at its most basic is to reward a customer who has used your services or products numerous times, by giving them a discount, or a free service hour or tutoring session perhaps, if that is what you provide. The terms of the rewards program will vary depending on what you do in your work at home business. It may also depend on how generous you wish to be. What could you offer?
If you provide a service you might consider offering a reduced price or free session based on a specified number of paid sessions. For instance, a tutor might offer every fifth lesson free, or every third lesson at half price.
For someone selling a product or products you may perhaps offer a free item for repeat customers who use the program.
This might look similar to a bulk-buying program where, when a customer buys two items they get a third of equal or lesser value for free or at a discount.
A similar effect would be achieved if the customer were offered a discount, perhaps increasing for each unit purchased. In this scenario the first item is full price, the second has a 2% discount, the third may feature a 5% reduction, perhaps increasing to what you consider to be an allowable maximum based on your costs.
However, a true rewards program would not offer the discount immediately. In most cases it would be applied to a future order. This is where it becomes more difficult to keep organized. You would need to maintain appropriate records that tell you how many orders each customer has placed.
This could be achieved in many ways. Perhaps the easiest might be the use of codes. If a customer places a qualifying order, you give them a code that is unique to them. If your business is not overly large this code could be the customer’s initials followed by a standard code that tells you how many orders they have placed. It might look something like, JWR01. Each time the customer receives a code they also receive instructions that they are to mention the code each time they order. Once they have a qualifying code, they receive their discount.
Additional incentives might also help you build your business. A referral program is effective in gaining new customers. This program allows your client to receive a free service session or a discount of a certain percentage for each person that they refer who also becomes a client or customer.
The important thing to remember here is that any reward or referral program must not hurt you financially. You are aware of your costs in materials, and you are aware of the amount of time you have to put into either the items that you make, the services that you provide or the product fulfillment and shipping of second party products you offer for sale. Discounts or free items via a rewards program must not cost you money, and must not completely negate your profit margin. Also worth considering is a discount considered too small, or complicated or lengthy requirements may turn people off.
There are many variations of programs like this. The only real requirement is they entice the customer to come back to you as their primary or only source for product fulfillment or services rendered. Exactly how you develop the program depends on your own preferences and your business needs.
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