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Implementing A Rewards Program

Oct 28, 2007
Are you a business owner who is looking to improve your success? Whether you are a large business owner or a small business owner, you can benefit from the implementation of a rewards program. Reward programs are rapidly increasing in popularity and there is great reason for that; they work!

When it comes to implementing a rewards program, there are many who do not know where to start. While there are companies out there that can help you plan every aspect of your customer incentives, you may find the most success doing your own planning. This is important, as you will want to remember that all businesses differ. For instance, a timeshare business may not be able to use the same reward programs as a grocery store would, and so forth. You may want to seek professional assistance with choosing your promotional gifts, but for the time being you may want to start planning with your own team.

As previously stated, there are a number of reward programs for you to choose from. In fact, you may have more options than you originally thought. These options are nice, as they can help you find the program that works best for you and your company. One of the best ways that you can benefit from offering customer incentives is by taking the time to familiarize yourself with your options, as well as the pros and cons of each.

One type of rewards program that has been gaining in popularity is that of loyalty programs. Loyalty programs are ones that are designed to reward consumers overtime. For example, should one of your customers purchase five hundred dollars or more overtime or make a certain number of purchases, you can reward them with a free promotional gift. These types of reward programs are ideal for businesses that sell affordable merchandise and services, such as clothing stores and supermarkets.

As you can likely gather from the description, loyalty programs target return customers and clients. Return customers, unfortunately, are not always the main focus of many business owners. Yes, you will want to take steps to acquire new customers and clients, but it is also important that you take steps to retain the ones that you already have.

In addition to loyalty programs, there are also reward programs that focus on onetime promotional gifts. These are incentive programs that reward consumers right away for doing business with you. For instance, if one of your customers where to purchase a product or service, they would receive a free gift, either right away or in the mail a few days later. Free promotional gifts are popular among consumers, as they don't have to wait for their incentives.

Although many consumers prefer onetime free promotional gifts, they aren't right for all business owners. What you will want to do is take a close look at your products or services. How affordable are they? Typically, many onetime promotional gifts are electronic items or vacation certificates. To profit from the use of a rewards program, it is important that you proceed with caution. Never give away a free gift that retails for more than the product you are selling. That is why reward programs that offer onetime and upfront incentives are best for those selling high priced merchandise and services, such as mortgage lenders, car dealerships, or timeshare sellers.

In terms of rewarding consumers, loyalty programs and onetime promotional gift programs are your two main options. With that in mind, did you also know that you can implement an employee rewards program? Although many do not make the connection right away, an employee rewards or incentive program can also help to improve your client base and your profits. Giving your employees incentives for doing a job well done can improve their performance, productivity, and customer service. Many reward their employees for meeting a certain number of sales or after a successful performance review.

As outlined above, you have a number of different options, when looking to implement a rewards program. Once you have decided which program your company can benefit the most from, you may want to seek assistance from an incentives firm. They are companies that specialize in providing quality promotional gifts for reward programs, like yours.
About the Author
The Infinity Incentive Group specializes in pairing different reward programs with high quality promotional gifts. Visit the Infinity Incentives website today.
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