Setting up a new business or company is as difficult as keeping your customers or clients coming back to you. That is the reason why reward programs are important for every business – small or large – for gaining an edge over their competitors.

What is the purpose of business rewards program?
Well, a business rewards program like certain corporate travel programs or business phone plan services offers certain incentives, such as discounts or free trips or merchandise, to the customers in exchange for their participation or association with your services. The more amount of money your customers spend on your business, the more incentives they get back.

Why are such loyalty programs important?
Customer loyalty is essential for any business to grow and develop over time. Therefore, it is important for companies to keep attracting and retaining their customers to maintain their upper hand in a certain industry. The loyal customers help in the business growth by purchasing products or services of a specific company instead of their competitors.

What are some common reward programs for small businesses?
Following are some common reward programs for your small business to maintain your customer loyalty:

Punch cards: It is considered as the Godfather of all rewards programs – be it corporate travel programs, business gas cards, or business savings accounts. This program is easy to use, understand, and implement. On every purchase or use of your service, your customer gets one punch. By gaining a certain number of punches, they get a specific reward.

Scannable membership cards: These cards are preferred at grocery stores worldwide. It makes use of an electronic system for rewarding customers on every purchase or use of service. Your travel rewards credit cards are also one of the scannable membership cards offered by your preferred travel company.

Opt-in email: This program does not make use of any business savings accounts or business gas cards or any other reward card in your wallet. This program only requires the customers to share their email address so that businesses can update them about upcoming discounts, sales, or offers on special occasions.

Mobile apps: This reward system is apt for tech-savvy customers and business owners. They can ask their customers to use their business app for getting benefits of certain corporate travel programs on specific purchases or any other type of service they’d like to avail through a mobile app. Customers can be updated about their rewards status by simply logging into the app. Moreover, they won’t have to carry cards with them all the time.

How to maintain customer loyalty through reward programs?
There are five ways to boost customer loyalty:

• Improve the customer experience by giving them ranks. For example, some corporate travel programs reward their customers as gold or platinum members, depending on their term of association with their business.
• Improve employee morale by keeping in touch with all your employees on a personal level.
• Share success stories of your business with your customers.
• Run loyalty programs like membership rewards, corporate travel programs, or other bonus points for customers to bring them back to you.
• Make use of practical customer-retention tools like Customer Relationship Management (CRM) to keep your customers like your services.

How to maintain the loyalty of your customers?

• Reward your customers and come up with better offers.
• Send them “thank you” notes.
• Keep using customers’ services and also buy their products for good.
• Do return their phone calls or reply to their emails promptly.
• Keep your words and do what you say you are going to do for them.