Monday, 29 October 2012

How-to: Structure Loyalty Schemes

Setting up a reward scheme can be tricky. There are a number of factors to take into account to make sure they are right for you and your customers. 
Though obvious to many, it is always worth investigating the following factors before committing to a reward offer.

1. What are you rewarding? Visits, purchases or £ spent in store?
2. What are your competitors offering?
3. How much profit is there in the products you are planning on discounting or giving away?
4. Do you need to give something away or could you offer money off?
5. What are you looking to achieve; more frequent visits or more money spent in store? (Hopefully both.)

Loyalty reward schemes are used widely across the UK and have been for hundreds of years. The best place to go to learn more about loyalty marketing are places operating them nearby, either successfully or not.