Currently, local banks and select retail stores have a variety of loyalty offerings, which incentivise clients for adopting a particular behaviour. In addition, banks have been using loyalty programmes to encourage clients to use safer banking channels, thus limiting the risks associated with handling cash.
However, most of them are being utilised by individual consumers - so how can SMMEs benefit?
Even though loyalty programmes could be effectively used to minimise certain costs associated with running a small business, they are by no means a blanket solution to every business need. Business owners need to understand that maximising rewards will not necessarily settle fixed costs such as rent and salaries. Hence, the need to explore using rewards or loyalty points for variable costs. Loyalty programmes certainly can offer some relief, provided they are utilised properly.