As many businesses have come to discover, keeping hold of loyal customers is one of the keys to success. It takes a lot of work to get those loyal customers in the first place, so putting in a little effort to keep them just makes sense. One way of doing this is to reward those customers that are deemed loyal customers. You don’t even have to be a large business in order to set up a customer loyalty program. All it takes is a bit of creativity, planning, and consistency.

Here’s a look at five ways you can reward your loyal customers and ensure they don’t go anywhere else.

Set Up a Referral Bonus

If you are on a tight budget and are looking for cost-effective ways to reward your loyal customers, this approach can be a real winner. What you can do is offer your loyal customers a referral bonus or reward for each new customer they bring in. It may be a percentage discount, a cash bonus, or even a free product, whatever you think will work. Make sure it is an impressive reward though, so that you really spark interest in these customers.

Create a Giveaway Program

Another great option is to set up a loyal customer giveaway program. Ideally you want to give away your own products or services, as this is a marketing bonus at the same time, but if you’d rather it can always be a gift card, cash, or product from another business. You’ll have to decide how often your giveaways take place and how the customer can be eligible to enter the draw.

Bonus with Purchases

Another incentive is to offer free stuff with purchases. You can set up a total amount a customer must spend, and then when they hit that total they will be able to receive free items. Don’t be surprised if this one catches on quick though, as everyone loves getting free stuff. Adding bonus items with a purchase should only be available to your loyal customers, however, not just anyone spending that pre-set total.

Treat Loyal Customers to a Private Preview

If you’ve got some new and exciting inventory coming in, why not invite your loyal customers to a free private viewing party. This should only be open to loyal customers so they feel special. They will have an opportunity to view the product before anyone else. You could even set up a system to take pre-orders from them so they will be assured of the product they want when it comes out.

Offer Items at Cost

You may also want to set up a system where if a customer spends a set amount in a certain product line, you will then offer one item at cost as a thank you. This is a relatively inexpensive program to run as well, and customers will certainly appreciate the discount.

A Little Goes a Long Way

When it comes to rewarding your loyal customers a little truly does go a long way. There is no need for flashy reward programs; sometimes the simplest ones are the biggest hits.