Loyalty Schemes & Loyalty Programs

Offering a scheme or service to improve your employee or customer loyalty figures can often prove to be the difference between you and your competitors.

Why Start a Loyalty Scheme?

Loyalty schemes for both employees and customers can have a hugely positive effect on things such as retention rates, sales revenue and customer & staff motivation. Implementing an attractive loyalty scheme can have a huge influence on a customer's choice of service or an employers retaining a valuable member of staff.

Types of Customer Loyalty Schemes

Offering customer loyalty schemes can encourage repeat custom, a effective relationship driven by a loyalty program can provide a lifetime of sales value. Below are some of the types of customer loyalty schemes available:

Loyalty Cards - Often used to encourage repeat business, loyalty cards are often referred to as 'vendor lock-in schemes' where customers can use loyalty cards to gain points for a certain amount spent in a store. Customers are then rewarded when a certain threshold of points is gained
Partner Rewards - Offering customers rewards from partners services such as travel vouchers or restaurant gift cards can help to encourage customers to use their service rather than a competitors
Refer a Friend - A certain type of loyalty scheme where a customer can be rewarded for bringing in new business
Rebate Scheme - When a customer reaches a certain level of spending a gift voucher is awarding to be redeemed on their next purchase

Types of Employee Loyalty Schemes

Retaining your key employees can often be the key difference when gaining an edge over competitors, aside from building a employee-employer relationship, below are some types of loyalty schemes fit for employees:

Employee Benefits - An effective flexible benefits package can lure talented employees to your company and can keep them there. An effective employee benefits service will give the recipient a range of options such as gym membership and restaurant vouchers
Annual awards - An annual award such as a Christmas bonus scheme can increase retention rates and improve loyalty
Gift Vouchers & Gift Cards - An alternative to cash based loyalty schemes, gift vouchers are highly flexible and have a broad range of appeal
Online Points Schemes - An online points system can be easy to administer and can be an ideal tool for rewarding employee loyalty

If you would like to know more about how Love2reward can help your organisation to implement a loyalty scheme for your employees or customers, then why not talk to us today about your requirements.