Rewards and loyalty programs are the silver and gold which keep your employees loyal to your companies and your customers coming back to buy products and services on the regular. Never forget that people love rewards and recognition.
Therefore, rewards and loyalty programs inspire faithfulness in both employees and customers, creating a circle of success for your company or organization. Fortune 500 worthy companies are chosen because they have mastered the art of pleasing customers and employees alike.
Type of Rewards and Loyalty Programs
- Points programs
- Cash back programs
- Fee based programs
- Partnership programs
- Project Milestones
- Bonus & Profit Sharing
- Free healthcare
Points Programs: many companies reward points to employees when they make purchases of their products and services. For example, Super America (SA) gives its customers opportunities to earn food and gas rewards based on point accumulations. The more points you accumulate the bigger the incentive.
Cash Back Program: this type of loyalty programs is a favorite of credit card companies. Capital One has become quite popular in its TV advertisements regarding its cashback rewards for using its credit card to make purchases. The goal is to encourage the consumer to spend regularly.
Partnership Program: this type of rewards programs involves two or more companies working together to impress customers to stay. For example, Holiday Gas Station in Minneapolis offers customers an opportunity to food discounts at Cub Food Stores. The more a customer spends at Holiday Gas Station, the bigger the store discounts will be.
Fee Based Program: this type of loyalty programs may cost a fee, but it provides you with multiple discounts on various products and services. For example, if you become a member of an exclusive club, you will gain access to all the goodies.
Many of the above programs are card-based programs that are designed to sustain and increase customer base.
Below is a list of loyalty programs given to employees for various activities that help promote or enhance the value of the organization.
Performance Rewards: companies which recognize employees for outstanding work provide performance awards. An employee of the month or teacher of the year awards is giving to individuals who have gone beyond their expected duties and responsibilities. The goal is to inspire loyalty within the hearts and minds of the people within your organization.
Project Milestones-when teams work together to complete a challenging or difficult project, employers honor them for each milestone achieved. Once the project is completed, a company celebration is held for the victorious team of individuals involved.
Bonus & Profit Sharing Program: some companies reward their employees with bonuses and profit sharing to drive their motivation and interest in continually to work for the company. The promise of these type of loyalty programs will most likely keep outstanding employees from considering leaving for the competition across town.
Free Healthcare-the cost of health care has to skyrocket to the point that many Americans cannot afford it. Why not offer free healthcare to your employees to keep them motivated to stay with your company. Community Investment Inc. in Minneapolis is one of many successful companies which offer such magnificent loyalty incentive.
Developing a rewards and loyalty programs is a must if a company is going to excel in its industry and keep growing its customers base while also keeping its employees satisfied. Competition for customers is fierce. Success, as well as survival in the new economy, demands that a company keeps everybody well satisfied.
Organizations which earn greatness don’t get there by accident. They make the satisfaction of both customers and employee top priority by establishing a reward and loyalty program which are difficult to refuse.