Rewards Me is the second of Bain’s Emotional Elements of Value. I’ve no idea why “Me” but his point is clearly rewards for clients.
What is it?
Most readers have visited a Farmers’ Market. You are familiar with a little saucer of free samples. Maybe cubes of bread to dip in oil or chutney, perhaps cubes of cheese or even a small sample of something stronger.
This is a free gift, made at the front end of a business to draw in new customers. It is like the generosity you see online, where people receive a pdf in return for their email address; a lead magnet.
But return to the Farmers’ Market and imagine you buy regularly from a stall, could be anything, let’s say cheese. One day the stall holder slips in an extra portion of cheese, maybe a new line.
You can look at this in two ways. It is an opportunity to try a new cheese and if you like it, you’ll buy some next time. But maybe you have a budget and so if you buy the new cheese, you won’t buy your usual favourites.
Alternatively, this is a reward for your custom. The stall holder knows you like cheese and helps you extend your experience. They are building a relationship with you. It’s not that you buy more, so much that they are less likely to lose your custom. And of course you might recommend them to friends.
They might go further and invite you to a wine and cheese evening, no charge, for their regular customers. They are rewarding you as a customer. Stay with them and you’ll extend your experience of cheese (and wine), deepen your knowledge of cheese and meet others with similar tastes.
Value for the Client
You see the difference between the two approaches? The first is a front end strategy, the second is back-end. The cheese seller is aware they need to build a tribe of people who love cheese. They see there is value in investing in their tribe. These people become their ambassadors and so they want to offer something of value to show appreciation.
How to Get There
The rewards must be of real value to the client. Normally, they are best if relevant to the business. So, a cheese seller would try something cheese related. They could give valued customers a box of chocolates. This might be appreciated but it’s a bit random and diabetics who eat cheese instead of chocolates lose out. You know your customers love cheese, so give them cheese!
You can develop a programme of rewards so as customers come closer and spend more, they receive more in return. Or you may find there are times when an opportunity presents itself, perhaps you have more cheese than you can sell!
If you are a coach, be generous through your back-end. These are sometimes called bonuses, which can be front or back-end.
Offer front-end bonuses with the package. These are not really rewards because they are part of the package customers know they are purchasing. It is worth noting affiliate marketers offer bonuses too for customer who order through them.
Back-end rewards are not advertised up front. They could be a small gift as a sign of appreciation for their purchase, eg a book relevant to the topic of the coaching. You could round up current and past clients and organise an event for them. Whatever it is, make sure it is something they appreciate.
This is the ninth of 31 posts about elements of value. Make sure you don’t miss any by signing up for the offer below. The posts in this sequence can be accessed below:
- Social impact Self-transcendence
- Life Changing Provide Hope, Self-Actualisation, Motivation, Heirloom, Affiliation and Belonging
- Emotional Reduces Anxiety, Rewards Me
+ 7 more
- Functional 14