Rewards and perks are one of the best ways to promote employee loyalty and attract new talent. Countless studies have shown that employee benefits and further rewards are crucial for businesses to attract and keep the right people, even more crucial than pay increases in some cases.
But does the same model translate to other business areas? Specifically, how can you replicate the same model to ensure customers are attracted and loyal to your offering?
Many businesses understand the importance of customer rewards. There are many ways you can show your customers that you value them. There are some famous schemes that brands build their base around, such as Tesco’s Clubcard which is a pivotal part of their marketing campaign.
Other brands find creative solutions, such as infrequent discounts or free products with purchase, to encourage spending and offer a slight bonus.
The third, and possibly most popular, option is to offer an off-the-shelf solution. This involves working alongside a business to provide their services in addition to what the customer would usually expect. A token example of this is the Taste Card, offered widely by banks, cinemas and more as an additional perk to their account.
This solution is usually the most straightforward to implement and involves the least amount of effort from the client, leading to its popularity. It’s an effective approach as well and, as providers of the service ourselves, it’s an area which Mór understands how best to utilise.
How to Find the Right Solution
It’s understandable that businesses would immediately want to choose a perk provider that offers discounts to well-known brands. After all, brands are famous and popular for a reason. The chances of disappointment are slim.
And that is all well and good; however, when deciding on a rewards system, it’s not just about what looks best on paper. The goal shouldn’t solely be to show off about the wide range of high street discounts on offer. The goal should always be utilisation.
A reward that is provided to customers but rarely used is an unnecessary cost to the business. It is essentially money wasted. Given that the goal of rewards are to make people feel rewarded, it is a must that your customers value what you provide and make use of it.
This is where choosing the typical names and perks providers can lead to a downfall. With so many of the same old usual suspect discounts on offer from these providers, it’s likely that your customers already have access to a wealth of discounts. While these are brands, they may shop or eat with regularly, that also means that they are likely going to have these same savings from elsewhere (or worse, better savings that can’t be used in conjunction)
Once the offer becomes stale and oversaturated, it feels less like a unique gift and more of a par-for-the-course offering.
At Mór, we are positioned slightly differently. Rather than offering your people discounts for the names they already know and love, we help them find unique new voices in the worlds of fashion, fine dining, adventure experiences and more.
We prioritise sustainability, independent brands and marginalised voices to open the door to new and exciting names via the method of discounted products, store discounts and exclusive bundles.
You can guarantee this is an offering unlike any other. You won’t find the high street chains, the franchise restaurants, or the same old names; rather, you will find premium alternatives, luxury experiences and unexpected treats.
Mór is the way to offer a gift that feels special and unique. We give people a chance to explore new brands, find their next favourite and browse experiences based on the values that they share with the brand.
When looking for your new perk partner, choose something bolder and more personal. Let us help you make your customers feel truly valued.